(Length: 3 pages)
March 9, 2004
How ING DIRECT Lured Away $17 Billion In Bank Deposits
by Catherine Graeber
with Bill Doyle, Jeremy Sweeney
Executive Summary (This is a document excerpt)
While traditional banking institutions focus on stealing checking accounts from one another, upstart ING DIRECT has plucked $17 billion in deposit balances from banks and credit unions in the past three years. We think that the firm's strategies of simple products and opt-in marketing augur continued growth. But smart competitors can mimic ING DIRECT's use of customer data to improve the effectiveness of sales pitches in the contact center.
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