Mission Statement, Vision, & Core Values (2024) of ING Groep N.V. (ING)

An Overview of ING Groep N.V. (ING)

General Overview of ING Groep N.V.

ING Groep N.V. (ING) is a globally recognized financial institution headquartered in Amsterdam, Netherlands. Founded in 1991, the company has a rich heritage that traces back to the establishment of the Netherlands Trade Union Bank in 1881. It provides a comprehensive range of financial products and services to over 38 million customers worldwide.

As of 2024, ING operates primarily in retail banking, wholesale banking, investment management, and direct banking. The bank is noted for its retail banking services, including savings accounts, mortgages, and investment products. Additionally, it offers wholesale banking services including lending, cash management, and corporate finance solutions.

• Retail Banking
• Wholesale Banking
• Investment Services
• Insurance

In 2024, ING reported sales of €22.5 billion, marking a substantial year-on-year growth driven by increased customer engagement and new product offerings.

Company's Financial Performance

In the latest financial report for the fiscal year 2023, ING achieved record-breaking revenue of €22.5 billion, an increase of 8% compared to €20.8 billion in 2022. This growth was primarily fueled by robust demand for retail banking products and improved performance in wholesale banking.

Significantly, the growth in net profit rose to €4.9 billion in 2023, up from €4.5 billion the previous year. The return on equity (ROE) stood at 10.2%, showcasing efficient management of shareholder equity.

Introduction to ING as an Industry Leader

ING Groep N.V. has established itself as a leader in the financial services industry, consistently ranking among the top banks in Europe and globally. Its innovative approach to digital banking has positioned the company at the forefront of the industry, catering to the evolving needs of customers while maintaining operational efficiency.

As of 2024, ING's market position is reinforced by a strong capital base, a diversified revenue stream, and a commitment to sustainability and responsible banking practices. The company continues to invest in technology and digital transformation to enhance customer experience and streamline operations.

To learn more about how ING maintains its competitive edge and the factors contributing to its sustained success, delve deeper into their strategic initiatives, customer-centric programs, and sustainability efforts outlined in the sections below.

Mission Statement of ING Groep N.V. (ING)

Mission Statement of ING Groep N.V.

ING Groep N.V. (ING) is dedicated to enabling customers to stay a step ahead in their financial lives. The mission statement serves as a guiding star, outlining the company's purpose and long-term objectives. It emphasizes ING's commitment to being a customer-centric bank that prioritizes innovation, sustainability, and accessibility.

Customer-Centric Approach

At the heart of ING's mission statement is the commitment to a customer-centric approach. This entails delivering tailored financial solutions, fostering long-term relationships, and ensuring customer satisfaction.

In 2022, ING reported that 88% of customers expressed satisfaction with their banking service, reflecting its effectiveness in maintaining a customer-focused strategy.

Innovation and Digital Transformation

ING emphasizes innovation and digital transformation as a core component of its mission statement. This includes investing in technology to enhance customer experience, streamline operations, and improve service delivery.

As of 2023, ING has allocated over €800 million toward digital transformation initiatives aimed at creating a more agile banking environment. The bank also reported over 10 million active mobile banking users in its network, illustrating the success of its innovative strategies.

Sustainability Commitment

Sustainability is a key pillar in ING's mission statement, focusing on responsible banking practices and positively impacting society and the environment.

In 2022, ING committed to financing €25 billion in renewable energy projects, underscoring its dedication to sustainable development. Additionally, the bank aims to achieve carbon neutrality in its operations by 2025.

Vision Statement of ING Groep N.V. (ING)

Vision for Sustainable Growth

The vision statement of ING Groep N.V. emphasizes the importance of sustainable growth in its operational strategy. As of 2024, ING aims to align its business practices with environmental, social, and governance (ESG) principles. The bank has committed to providing sustainable financing and is targeting a total of €100 billion in sustainable loans by 2025.

Customer-Centric Approach

ING's vision also stresses a customer-centric approach, focusing on enhancing customer experiences through digital innovation. The bank has invested over €1 billion in digital technology in 2023. As per reports, ING's customer satisfaction score stands at 85% in 2023, reflecting the bank's commitment to prioritizing customer needs.

Global Presence and Impact

With a presence in over 40 countries, ING envisions strengthening its global footprint while maintaining local relevance. In 2022, ING reported a total income of €18 billion, with a net profit of €4.7 billion, indicating significant financial health and operational effectiveness in different markets.

Employee Engagement and Development

ING's vision includes fostering an inclusive workplace that promotes employee engagement and development. The bank invests approximately €200 million annually in training programs. As of 2023, employee engagement scores reached 78%, highlighting their commitment to workforce satisfaction.

Innovation and Technological Advancement

ING envisions integrating cutting-edge technologies to enhance its banking services. Investments in artificial intelligence and machine learning are projected to exceed €500 million by 2024. The bank aims to increase operational efficiency by 15% through these innovations by the end of 2024.

Community Engagement and Social Responsibility

As part of its vision, ING prioritizes community engagement and social responsibility initiatives. In 2023, the bank allocated €50 million for community development projects, focusing on financial literacy and education. ING aims to positively impact over 1 million individuals through these initiatives by 2025.

Core Values of ING Groep N.V. (ING)

Customer First

The core value of Customer First reflects ING’s commitment to putting clients at the heart of its operations. This value emphasizes the importance of understanding and anticipating customer needs, providing tailored solutions, and ensuring customer satisfaction.

In 2023, ING reported a customer satisfaction score of 85% across its retail banking services. Initiatives such as the 'ING Customer Happiness Program' have contributed to this figure, focusing on improving customer interactions through training and feedback loops. Furthermore, ING's digital banking services experienced an uptake, with mobile app usage increasing by 25% year-over-year, showcasing the bank's responsiveness to customer preferences.

Integrity

Integrity serves as a foundational pillar for ING, promoting transparency and ethical business practices. It is essential for maintaining trust with customers, stakeholders, and the broader community.

In 2022, ING was recognized as one of the top banks for corporate governance by the Global Finance Magazine, reflecting its adherence to high ethical standards. The bank has implemented strict compliance measures, resulting in a reduction of misconduct incidents by 30% since 2021.

Innovation

Innovation is integral to ING's strategy, driving the development of new products and services that meet evolving market demands. This value fosters a culture of creativity and agility throughout the organization.

In 2023, ING invested €250 million in fintech partnerships, fostering innovations that enhance customer experience. Additionally, the launch of the 'ING Innovation Lab' has resulted in over 15 new services introduced, including AI-driven financial advice tools.

Sustainability

Sustainability is a core value that underscores ING's commitment to responsible banking and environmental stewardship. This value is critical for addressing global challenges and supporting sustainable economic development.

As of 2023, ING achieved a 30% reduction in CO2 emissions from its operations compared to 2020 levels. The bank also financed over €50 billion in sustainable projects, helping contribute to a greener economy. ING aims to increase this financing to €75 billion by 2025.

Teamwork

Teamwork within ING emphasizes collaboration and collective efforts in achieving shared goals. This core value enhances communication and synergy across departments, driving overall success.

In 2023, ING's employee engagement survey indicated a score of 78%, reflecting positive teamwork dynamics. The implementation of cross-functional teams in major projects has led to a 20% increase in project efficiency, demonstrating the effectiveness of collaborative efforts.