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February-April 2017

Dutch bank ING to spend millions ‘disrupting’ its own business

Dutch bank ING is investing €800m in a project that will harness digital technology to grow its customer base from millions of customers to over a billion. The project is the latest move in a continuous programme to redevelop and disrupt its own business model, according to Brendan Donovan, global CTO of IT infrastructure at ING. It will see the bank, which has in excess of 34 million customers worldwide, abandon its legacy mainframes and replace them with agile, cloud-based services. ING, which has a market capitalisation of €48bn, has used digital technology to reinvent itself several times since the financial crisis. It is now seen by investors as a role model for financial technology (fintech) startups that are posing new threats to traditional banks. Businesses need to start disrupting their own business models now, rather than waiting for startups to do it for them, and the IT department can lead the way, Donovan told an audience of IT and human resource (HR) specialists. “Start a movement in IT and the other units will ...

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