Peter Aceto, President and Chief Executive Officer explained that customers are asking about credit cards, and they are considering introducing one.
This would be a huge step for ING Direct, especially when it at first only offered saving accounts with a higher interest rate that its competitors.
ING continues to approach customers in a unique method as they continue to still not offer branches. Customers can access their funds through the telephone, internet and ABM’s. ING does offer Café’s, which allows customers to come in and get their banking done, however even then it is still done electronically.
ING recently opened a new state of the art Café in Toronto, which combines a Starbucks and Apple Store all in one location. Customers can enjoy a cup of coffee while get go on an iPad 2 to get their banking done.
What will happen if a Credit Card is added to ING Direct?
With a potential credit card lurking around the corner it makes me wonder if it is the best move for ING.
ING’s motto is “Save Your Money”; with that in mind how would a credit card help anyone save their money?
Realistically, when someone gets a credit card, more often than not we find ourselves getting into some debt before we learn how to properly manage it. It is a lesson that we all try to avoid, but for most it is inevitable.
Personally, I would not want to see a credit card anytime soon seeing as it takes away from the whole concept of saving. I love ING’s current banking system, that is not to say that I would be closed for improvements. I think that having a credit card added into the mix might hinder many people as they try to save.
Do not get me wrong, having a credit card will complete ING in the aspect that people can get all they need from the bank, especially with the introduction of the THRiVE chequing account last year.
The THRiVE chequing account is a no fee chequing account that clients across the country were all looking for, and ING produced it, pleasing many clients.
ING Direct is expected to offer a home equity line of credit late this year, which only goes to show that ING will continue to introduce products that customers are asking for.
ING does what it can to please their clients, and if clients are asking for credit cards, it is only a matter of time before ING introduces one. I only hope that people can manage their spending, and be able to still save their money, while maintaining a balance between their credit.
image source: niallkennedy