Bank has another year of record customer growth

by Madison Utley11 Mar 2020

In its 2019 annual report, a growing second tier lender reported a 30% increase in the number of Australians who consider the institution their main bank.

ING Australia welcomed 423,000 new customers over the year, bringing the bank’s total to 2.6m.

“ING celebrated 20 years in Australia with yet another year of record customer growth,” said ING Australia CEO Uday Sareen, who highlighted that over 5% of Australians now name ING as their primary bank.

In the 2019 results, ING Australia also reported a statutory net profit after tax of $440m, up 9.7% from the year before.

Retail deposits grew by 9.9% to $37bn, and retail mortgages grew by 6.3% to $52bn.

Business loans showed robust growth, swelling by 9.2% to $4.9bn, while personal loans surpassed the $245m marker.

“The growth of both retail deposits and retail mortgages has been above industry average as overall customer numbers continue to climb,” said Sareen.

“Savings and loans are the backbone of the business, but I have been particularly pleased with the growth of our consumer lending through personal loans and the Orange One credit card,” he added. 

ING also maintained its top position in regards to having the most recommended banking app on the market, as well as the most recommended website, according to RFi data.

“The desire for a seamless digital experience is increasingly the reason for people to change banks,” said Sareen.

“People want the ability to do their banking 24/7 in a simple and easily accessible way. The digital experience must be simple, faultless, effective and engaging.

“Our mobile app drives more than 800,000 customer interactions per day. More than a third of our customers deal with us only through the mobile app; for these people the app is the bank.”