German ING CEO champions a shift away from relentless growth prioritization
In the ever-evolving world of banking, ING Germany is making significant strides, prioritising a deepened connection with its customers over unbridled growth. This approach, as outlined by the bank's leadership, is aimed at bridging gaps in their product offerings and enhancing the overall customer experience.
ING Germany, the largest digital bank in Germany, has surpassed ten million customers as of March 2023, a testament to its growing influence in the market. The bank, a 100% subsidiary of the Dutch banking giant ING, is currently led by Lars Stoy, who took the helm on January 1, 2025.
One of the key initiatives under Stoy's leadership is the introduction of a credit card solution for customers by 2026. This move is part of a broader strategy to expand ING's product offerings and cater to a wider customer base. In August 2025, the bank will also launch a Junior Current Account, designed for children, marking another step in their consumer-centric approach.
The Kids' Giro Account, as it is called, is intended to introduce young people to financial topics and provide parents with a cockpit to monitor their children's account activity. The account, available for children aged 7 to 17, will initially be offered to existing customers in August 2023, with plans to extend it to new customers as well. Notably, the Kids' Giro Account will not allow overdrafts and will exclude certain transactions such as gambling, alcohol, and tobacco.
ING's focus on customer-centric initiatives is driven by the recognition that over 80% of its results come from interest income. The decline in interest rates has been causing a drop in profits at ING Germany, emphasising the need for a shift towards fee income. The stated goal of the ING group is to become less dependent on interest rates and more diversified in its revenue streams.
Despite these challenges, ING Germany remains committed to maintaining a level playing field for all its customers. The bank does not distinguish between first and second class customers, ensuring that every customer, whether frequent trader or occasional user, receives the same high-quality service.
In the second quarter of this year, the pre-tax profit at ING Germany was €381 million, a decline of a fifth from the previous year, primarily due to the decline in interest rates. However, the bank is taking steps to mitigate this impact, such as rewarding frequent traders with discounts without compromising the experience for occasional traders.
As Germany contributes around 30% to ING's goal of increasing "Mobile Primary Customers", the bank is aiming to increase its number of these customers by one million per year. As of the end of June, ING Germany had 2.75 million "Mobile Primary Customers".
Lars Stoy, the leader of ING Germany, is determined to keep the bank one step ahead in the retail banking competition. With its focus on customer connection, innovative digital solutions, and a commitment to fairness and transparency, ING Germany is poised to continue its growth trajectory in the German market.
ING Germany, under the leadership of Lars Stoy, is introducing a credit card solution for customers by 2026, which is part of a strategy to diversify its product offerings and cater to a wider customer base in the rapidly changing business environment of finance and technology. The Kids' Giro Account, designed to educate children about financial topics while providing transparency to parents, will be launched in August 2023, marked as another consumer-centric initiative by the digital bank in the financing industry.
