ING Direct has announced it will enter the superannuation market with a retail product in Q3 2012.
Chief operating officer Anne Myers said the bank’s pared-back, online approach would benefit what is a “complex and little understood product.”
“We see a real gap in the market where we can apply the ING
DIRECT principles of value, fairness and online control,” she said.
Myers cited ING
’s recent Wellbeing Index, which found 74% of people are in the dark about their superannuation, as one of the driving forces behind the launch.
“Not only do people not know where their money is invested, but satisfaction with their current fund is at its lowest in eight years.
“Our customers have been asking us if we can do for super what we’ve done in savings, home loans and transactional banking, so we are developing a retail product that gives customers value and puts their investments back in their control,” she said.