Do you know ING Direct? You are perhaps already a customer of this Internet bank, who knows ;-)
ING Direct is a kind of Easy Jet of the Bank Industry. Their approach is quite fascinating, have a look:
- only a few simple products: mortgages, funds, savings account
- cheap distribution
- usage of internet
customer contacts with the bank exclusively through internet / phone / mail
8.5 million customers
€100 bn in assets
assets increasing by $500 millions …per month
1/3 of the operating budget is invested in marketing
the customer acquisition costs are very low, about $100/customer instead of $400 (market average)
38% of new acquisitions coming from …word of mouth
10% of inbound calls resulting in sales
a contract through call-center is 100 times more expensive than a contract on internet
if a client is calling too often, ING Direct gets rid of him
