ING Business for single shareholder businesses allows you to know your customer review 100% online

ING Bank Romania has introduced the option of performing the KYC review 100% online, directly from the ING Business web platform, for businesses with a single shareholder. Since the launch last November, 45% of eligible entrepreneurs have already performed the KYC review in ING Business. As part of the data update process, the information received from customers is compared with the data obtained automatically from the Trade Registry, which they have to confirm. Thus, the whole process, simple and intuitive, takes about 5 minutes.

“The digital data update process was built together with customers based on their feedback. We are in constant dialogue with ING entrepreneurs and are listening to their needs, and digital updating of data has been among their main requirements. Without trips to the bank and required documents, eligible customers can now complete their data update process in just 5 minutes on the ING Business web platform.

In this first phase, the option of digital data update is possible for companies with only one shareholder, which represents around 60% of ING’s portfolio of small and medium-sized businesses. In the near future, it is to be extended to other categories of customers.

For Business Banking, ING’s Entrepreneurs Division, 2023 was marked by 100% digital innovations: launching the online credit, opening and/or closing an additional account, issuing an additional debit card, opening a term deposit in euro, but also blocking the card, available in ING Business platform. All these launches reaffirm our strategy to offer simple and digital solutions, available anywhere and anytime, for ING entrepreneurs and their businesses” – Ionuț Stan, Director of Business Banking Products Development, ING Bank Romania.

What are the eligibility requirements and how can the data be updated online in the ING Business platform?

Customers can access the Transactions and Requests menu -> New Request (Self Service) ->Update Company Data. They must meet the following eligibility conditions:

the company is active, in operation and registered with the Trade Registry;
the company has a single shareholder, manager and sole authorized person/ sole legal representative with the bank;
the representative of the company is resident in Romania and has no other citizenship;
the company representative has updated data as an ING individual client.

Company data must be regularly updated at the bank where they opened the business relationship. The data to be updated include: information about the current situation and the activity of the company, data of the shareholders / shareholders, description of the object of activity and of the transactions carried out through the bank. Periodically or when necessary, based on an internal analysis, ING sends a sequence of 3 notifications by e-mail and SMS, 3 months prior to the date until which the data can be updated.

Through the philosophy of “Banking and more for small and medium-sized businesses”, ING remains close to its customers at every stage of growth and offers them digital solutions, fast and flexible, which meet real needs. In a dynamic context, ING is a reliable partner for healthy business growth, to support Romanian entrepreneurs to take their business to the next level.