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ING Bank expands its credit services and products

ING Bank NV Philippines is preparing to provide loan products this year, expanding its banking services to reach more customers.

“Our goal now for ING Loan is to create a strong value proposition and a good customer experience,” Mohamed Keraine, retail manager of ING Philippines, told BusinessMirror.

As a reminder, ING announced last year the introduction of consumer credit in its portfolio of offers.

Keraine, however, refused to provide a target amount of loans for 2021 because it was “too early to give a figure”.

With the economic downturn associated with the pandemic, many customers are struggling to pay off their loans on time, as evidenced by the increase in non-performing loans.

While this may be problematic, the ING official said he did not yet have a comment on how it would affect the bank’s loan portfolio.

“We will have to look at the bigger picture when our consumer loan product launches,” he told BusinessMirror.

Keraine, however, said the bank would be able to support the economy and its customers.

“We remain committed to empowering people to stay ahead in life and in business,” he told BusinessMirror.

This year, ING also plans to continue growing its retail and wholesale banking activities.

Keraine said the bank’s app downloads and registrations have doubled year-over-year on the retail front since its launch in November 2018. Additionally, the wholesale banking segment was able to support clients with several bond issues and sustainable finance.

“While we have demonstrated our ability to support businesses and institutional clients in the midst of the pandemic, we are confident that we will continue to do so and identify opportunities for our clients,” he said.

“As more and more Filipinos appreciate the benefits and security that digital banking has to offer, we are also confident that we will continue to gain traction with our frictionless and secure banking proposition,” he added. .

Last year, the all-digital bank launched ING Pay, a payment solution app that charges no transaction fees.

It aims to make payments through the following features: bill payment, virtual Visa debit card, and real-time InstaPay transfers.

The app currently has over 70 pre-registered billers and merchants, including utility, insurance and credit card companies.

The bank has installed a security measure on the ING Pay account, which requires users to verify their personal data when accessing the account on another phone. In addition, ING has stated that there is a maximum deposit insurance of P 500,000 per depositor.

“We also know that managing and transferring funds digitally to support each other is important, especially during this time. Transferring funds from ING to other banks has been free since our launch in 2018 and we intend to continue this way, ”Keraine told BusinessMirror.

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