Instilling The Spirit Of Innovation At ING
Erik Jacquemart is responsible for monitoring the strategic plan at ING Luxembourg and as such, he is also the “Chief Innovation Officer”. How does a bank with 35 million customers and operations in 40 countries manage to remain at the forefront of technology? What can an accelerator program such as ING FinTech Village bring to the bank?
How is ING involved in the startup environment and Fintech, especially in Luxembourg?
ING is a bank that offers, in Luxembourg, a wide range of business services to companies of all kinds, including startups. We are already the bank of choice for many startups, including those in the Fintech sector, and we offer services such as the management of their accounts and cash flow.
ING has created – on the sidelines of the bank – some Fintech startups: Payconiq, Twyp and, more recently, Yolt aggregator.
ING is definitely one of the most dynamic banks in the Fintech sector. ING works with more than fifty Fintech companies. Our size allows us to try out lots of Fintech products and services in different locations and, if successful, bring them to other countries. ING has acquired or bought stakes in several Fintech startups, proposed new services by integrating certain offerings, tested new designs with others and even created – on the sidelines of the bank – some Fintech startups: Payconiq, Twyp and, more recently, Yolt aggregator.
In Luxembourg, we are the only bank partnering with crowdfunding platforms. These are big names (Seedrs and KissKissBankBank), but we also continue to work with local Fintech startups when appropriate. Finally, in the Netherlands, we have a full team working on opportunities related to the Blockchain.
What is your role within ING?
As “Head of Bank Transformation” I coordinate major initiatives related to the implementation of our strategic plan. We aim to deliver to our customers a superior experience and to be their primary bank, and the one to which they will turn when they have a project. We are a universal bank and the number one bank in the Benelux region, where we have nearly 13 million customers. Furthermore, we have a long and recognized history as a digital banking institution with ING Direct, and that is helping us to implement our strategy.
Innovation plays a prominent role at ING. This includes our relationships and projects with Fintech startups and coordination with other entities of ING, in particular to identify innovations that can be brought to Luxembourg. It also influences the transformation of our corporate culture!
We have adopted a Lean Startup methodology, which provides the necessary agility and experimentation to help us effectively execute our more traditional projects. This is what is meant when we talk about ‘ working like a startup.
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