ING Direct France, whose HQ is in Fontenay-sous-Bois to the East of Paris, is a subsidiary of Holland’s largest financial group, ING. The group, the second biggest in Europe, is active in 65 countries and has some 100,000 employees. At the end of March 2001, deposits reached 10 billion euros, making ING an internationally respected specialist in virtual banking. After only four years as an international bank, ING already has one million clients. In France, as André Coisne points out, ING Direct France has already attracted 80,000 customers (75 % of whom do their banking by phone and 25 % of whom bank via Internet). “ ING Direct France which collects more than 1.5 billion euros and to reach a figure of 400,000 customers by the end of 2002 or the middle of 2003 ”.
Orange – A New Way of Saving
Orange Savings, which has greatly contributed to renewed activity in the sector, is based on a dynamic financial policy. On the world level, ING Direct arrived on the market with a simple, easy-to-understand product, backed-up by a range of complementary products, which anyone can use without changing banks. Risk-free and without conditions, Orange Savings has a minimum deposit of 100 FF and a ceiling of 10 million FF. “ It is important to underline the fact that the rate of return for the account – which is also available to minors – stays the same regardless of the amount invested ”, says André Coisne.
As for its exceptional savings rate, which recently went up to 5.30 % gross (3.975 % net – see box), he says, “ the increase was planned for our first anniversary, but due to the highly competitive environment, we decided to bring it forward and make it available to all our customers, thereby respecting our commitment to provide the best rates on the market ”.
A Warm Welcome and Useful Advice For Customers
In every country in which it is active, ING Direct has set up physical forums for its customers. According to André Coisne, around 4 % of total deposits are collected in such places every month.ING Direct France opened its first forum in Val-de-Fontenay to the East of Paris. Open from 9 am to 6 pm, Monday through Friday, it welcomes customers who want to meet an agent or to get advice and information about their accounts or about new ING products. The bank is set to launch its own range of mutual funds and a new investment service called Invest Orange, which will provide access to 700 different mutual funds, a brokerage service and a wide-coverage life assurance product.
ING will open another forum in June in the Rue Scribe in the centre of the Opéra neighbourhood in Paris. Several other forums are also presently being planned, including ones in Lyons and Lille. “ But ”, André Coisne concludes, “ before setting up new forums, we want to be certain that that is what our customers really want ”.
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