ING Bank România, 3rd quarter: over 1.8 million customers, instant online loan for SMEs and simplification of mortgage lending

ING Bank launched, in the third quarter of 2023, the 100% online loan for businesses with a turnover of up to 9 million lei, through the ING Business platform, with instant access to the received funds. The total number of customers (private individuals and legal entities) increased by more than 4% vs. previous year’s 3^rd quarter, exceeding 1.8 million and total assets increased to RON 63.02 billion, up 2.6% vs. same period of 2022.

“In the third quarter, we further expanded our digital offer for private individuals and legal persons. Since July, entrepreneurs can access online loans straight from the ING Business web platform, with instant access to money, and customer feedback is very good, with an excellent adoption rate of this digital product. In addition, for private individuals, in August we automated the analysis of the building brought under guarantee on mortgage loans. Now, the building acceptance as collateral can be approved much faster, directly in the ING Office network, through an automated evaluation of the documents needed for analysis. These are developments through which we manage to increase even more the loan granting speed and gain precious time for our cusomers,” said Mihaela Bitu, Country manager ING Bank România.

Key indicators in the first 9 months of 2023:

Total assets increased to RON 63.02 billion (+2.6% vs. same period of 2022), of which customer loans reached RON 37.32 billion (+3% vs. same period of 2022)
Customer deposits amounted to RON 55.22 billion, with a 6% growth rate compared to the same period of the previous year
Total income amounted to RON 2.50 billion (+18% year-on-year) and net profit to RON 1.17 billion (+30% vs. the same period in 2022), amid the reduction of risk costs (-67% year-on-year) and the increase of operational efficiency, in a market with higher interest rates

Financial results are based on FINREP reporting, according to the NBR Order no.10/2017 approving the Methodological Norms on preparing regular reports containing financial and accounting statistical information, applicable to the branches in Romania of credit institutions from other Member States, with subsequent amendments and completions

Digitalization on both process and product lines

At the end of the third quarter, logins in ING Home’Bank increased by 16% (vs Q3 2022) and the app was used daily by 82% of the active private individual customers (vs. 78% in Q3 2022), out of which 88% exclusively through their mobile phones (vs. 84% in Q3 2022). The most used service in the app (along with transaction report verification) are payments, which increased by 22% compared to the same period of the previous year.

After introducing, in 2022, the first fully digital pre-approval for a mortgage loan in Romania, directly from ING Home’Bank, in August 2023 the bank automated the analysis phase of the buildings brought as collateral on mortgages. Accepting the property as guarantee can thus be approved almost instantly, in any ING Office, following the automated evaluation of the opinions of the notary and of the assessor. After the decision to accept the collateral, the process continues with the final approval of the loan application and concludes with the signing of the contract and the disbursement.

This development can allow the approval of a mortgage loan even in a week if the eligibility conditions are met and the bank quickly receives the necessary documents for the building analysis.

In the Business Banking segment, dedicated to micro, small and medium-sized companies, ING continued the series of digital innovations in the ING Business internet banking platform. Thus, in July 2023, ING launched the 100% online version of the Credit Util loan for entrepreneurs, through which these clients can obtain up to 500,000 lei for a maximum period of 5 years, straight from ING Business. After a fast and simple application process, money become instantly available in the account. Also in ING Business, ING customers can now open an additional account and request an additional card. In the third quarter, 30% of the additional accounts opened by customers eligible for this digital product were opened online. Moreover, 31% of the eligible digital loans were granted 100% online.

Partners for the economy

In the large companies’ segment, in the third quarter ING participated with EUR 81 million in the syndicated facility, amounting to EUR 550 million, provided to the Ameropa group by a consortium of banks. Ameropa is an international group present in 28 countries and 5 continents, active in agribusiness, specializing in fertilizers, cereals, oilseeds and other agricultural products. At the same time, ING Bank România maintained its lead in the ranking of primary dealers on the domestic government securities market.

What young people look at when it comes to financial health: salary, financial objectives and meal-planning from the cost perspective

Among the financial health initiatives supported by the bank is also Banometru, a unique platform for budget planning and efficient management of debts and revenues, with advice on saving and financial balance.

In 2023, Banometru also launched interventions that guide young people starting their professional life towards a balanced relationship with their own finances. Thus, in the 3^rd quarter, over 1400 students took part in 11 workshops and simulations (through practical games), organized in university centers or alongside student associations. The main three topics of interest to young people are the net – gross salary calculation (simulation and understanding of costs), how to set the plan for achieving an objective, but also the costs related to food (meal-planning from the cost perspective).

All the materials developed in this program have been co-created with young people aged between 18 and 24. Youth destined initiatives complement the actions of Banometru.ro for the financial health of adults. Banometru’s financial coaching is available on a permanent basis and is provided by independent financial specialists, whose role is to guide and assist in overcoming difficult financial times.

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