International Netherland Group abbreviated as ING, is leading bank service with the strong European background. It is headquartered in Amsterdam, The Netherlands. With the 25 years of experience in the global banking sector, ING was established in the year 1991 to provide advanced banking services to different classes of customers. With coverage of 40 countries, ING is still looking for the bigger global market and extended services. In the year 2016 ING has become a standalone financial banking institution after the restricting with the sound European market.
The banking sector is over – flooded with the numerous banking institutions providing services to its valuable customers. Interestingly, ING banking in just 25 years has expanded itself in a brilliant way competing with the leading banks. Few named competitors of ING banking are
- JP Morgan & Chase
- Prudential Financial
- Wells Fargo
Interestingly, ING banking in each local market faces competition from different banking and financial service players.
Product in the marketing mix of ING Banking
It provides customer oriented banking, insurance, financial services to a large group of customers including individuals, Corporations, Governments, business houses and institutions. It is primarily dealing with retail, commercial, direct banking, asset management and insurance. Retail and wholesale banking services are the prime services of ING. Retail banking of ING is inclusive of the direct banking which involves online banking.
ING direct is the leading brand of ING banking with the operational centres in Germany, Italy, Australia, France Austria and Spain. It is a group of the banks without the branches.
Except for its direct banking services, ING also involves itself in the retail banking services.
Wholesale banking services of ING are related to the expert financial and banking services to the Corporations and big business houses. The wholesale business of ING took a major toll in the year 1995 with the acquisition of bearing banks.
Insurance sector Of ING is quite broad with the diversified insurance services. In, 2009 ING brought into existence two IPOS for Asia and Europe which segregated ING insurance from streamline banking functions.
Place in the marketing mix of ING Banking
It is providing its valuable services in more than 40 countries. With the basic premise of banking anywhere and anytime we are dedicated banking solution with easy access.
The insurance sector of ING is quite broad with the functional activities across Europe, Asia and America.
The online access has made it easier for the ING to establish itself globally with ease. The widespread channels across the globe with the centrally planned and simple services act as a beneficiary to the ING services. The highest retail banking sector of ING is in The Netherlands with the maximum market share.
Price in the marketing mix of ING Banking
The year 2012 was marked as a fortune year for ING with the largest revenue in the banking sector. ING pricing policy globally aims at the multitude of option for generation of revenue like direct banking, commercial banking and insurance. Focusing on extending the economies, ING definitely targets the economic pricing policy to make banking available to all. Banking sector can’t resort to pricing policy in accordance with the cost of goods and services, as banking services are market driven the pricing policies of banking institutions too are completely market analysis based. Prices shall be driven by the other ancillary factors. Lately, the pricing policy is structured according to the types of services and the diversified market.
Promotion in the marketing mix of ING Banking
ING banking approaches a positive tune towards the growth and that is why to keep moving is the phenomenal growth structure which it follows. To provide simplified services to customers is the basic strategy of ING. The marketing strategy of ING is brand name with the quality trust services. More than the words the top – notch services act as the promotional guide for ING. Leaving no stone unturned ING banking services has opted for the maximum reach to customer policy for the effective marketing strategy. They use advertisement in print media and television as the main source with the background of social media advertisements giving a complete coverage of the targeted market.
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