Growth Strategies Case Study

Case Title:

ING Direct in the US

Abstract:
Established in 2000 in the US, ING Direct used its time-tested business model and succeeded in capturing a large share of the US market. ING offered higher interest rates on its savings products and promoted itself through a slew of extremely innovative campaigns. Looking at the growing popularity of online banking, new players began to enter the market in 2004-2005. With the US government fixing a federal interest rate structure common to savings accounts for all banks, the position of ING Direct was being challenged.

This case highlights the growth of ING Direct in the US and sheds light on the innovative marketing techniques utilised by the company. It can be used to discuss the growth and the business model of online banks, with special focus on ING Direct.

Pedagogical Objectives:

• To understand about the online banking scenario in the US
• To understand how ING was operating in the US.

Keywords : ING Direct in the US; Success Story of ING Direct in the US; ING Direct; ING Group; Growth Strategies Case Study; Online Banking in the US; Pros and Cons of Online banking; Success and failures of Online banks in the US; Effect of US Fed Rates on online banks; Arkadi Kuhlmann; Brand building of ING Direct in the US; ING Direct Market Entry Strategy; Innovative promotional Strategies of ING direct in the US; ING Direct Café; Orange Saving Account; Web marketing of ING Direct in the US

Contents: 
Online Banking Scenario in the US
Profile of ING Group
Milestones of ING Group
ING Direct : Client and Funds Base
ING Direct in the US
Deposit Growth of ING Direct US
Building the BRAND
Future Challenges
ING Direct Market Entry Strategy