For Financial Services Professionals

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	March 9, 2004 How ING DIRECT Lured Away $17 Billion In Bank Deposits by Catherine Graeber with Bill Doyle, Jeremy Sweeney	Average: 8  (1 rating)

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Executive Summary

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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