It Pays to Play: Over half of Aussie gamers attribute financial literacy to The Sims

• 7 in 10 (71%) Aussie gamers agree digital games can be educational when it comes to learning about finances
• Almost two in five (38%, the equivalent of approximately 6.1 million people) Aussie gamers believe strategies used in these games have positively influenced their current saving habits
• Aussies who play digital gamesⁱ most commonly rank The Sims (51%), Minecraft (42%) and Financial Football (39%) as the top 3 games they believe can improve their understanding of finances

New research from ING reveals while most Aussies admit that understanding their finances through traditional channels, such as personal finance websites and online courses, can be confusing (76%) and boring (69%), 71%ⁱⁱ believe gaming can be an educational tool when it comes to learning about finances.

Close to two in five (38%) Aussie gamers, or the equivalent of approximately 6.1 million people – say the strategies used in digital games have positively influenced their current saving habits, and nearly three in five (58%) of them say they would be more inclined to play a digital game if they knew it would improve their financial literacy.

For those who play digital games (approximately 15.8 million Aussies), the most common financial skills learned include:

1. General saving habits (28%)
2. Understanding of profit/loss (27%)
3. Creating a budget (25%)
4. Investing (20%)
5. Debt management (15%)

Cult favourites like The Sims and Minecraft may teach Aussies how to budget and save.

When asked about what games helped them improve their financial understanding the most, Aussie gamersⁱⁱⁱ rank The Sims, Minecraft and Financial Football in their top three. The top 5 games[iv] are as follows:

1. The Sims (51%)
2. Minecraft (42%)
3. Financial Football (39%)
4. Animal Crossing (28%)
5. Call of Duty (24%)

Research suggests that digital games may be a great way to engage younger people to learn more about finance.

Of the generations, Gen Z Aussies are the most likely to say that learning about finances through traditional channels, like personal finance websites and online courses, can be boring (84%). Nearly three in four (73%) Gen Z Aussie gamers agree that digital games can be educational when it comes to learning about finances.

Around three in four of this generation that are gamers (77%) say they learned financial skills from gaming, with one in three saying they gained a better understanding of profit/loss, as well as learned general saving habits (34%) and how to create a budget (28%).

Just take it from Emma Verdicchio, a 25-year-old, NSW-based primary school teacher who, with the help of playing The Sims, was able to move out of home at 18:

 “I spent whole summers as a teenager playing The Sims. I loved building my [Sim] families’ empires from the ground up with a mix of career driven aspirations and tight budgeting. I never used money cheats because saving money – aka “Simoleans” – was the most fun part for me.

“Guess who ended up being a great money saver in real life? 

“In my teens, I started saving young with the aim of being able to move out of home and be financially independent by 19. I moved out of my family home into my first rental apartment as an 18-year-old with $12,000 in savings, which I’d like to think The Sims prepped me for as a young woman. Not only did playing video games teach me how to budget better, but how to be more patient when tracking towards my financial goals, too.

“These days, I’m taking this same approach – of a tight budget and a sprinkle of patience – to help me save $15,000 to travel abroad.”

With young Aussies seeing and experiencing educational benefits from digital gaming, it’s no surprise that 71% of Gen Z Aussies say they would be more inclined to allow their child to play a digital game if it had a financial education element.

Matt Bowen, Head of Consumer and Market Insights at ING Australia, comments on the report findings: 

Our research has shown that digital gaming may offer Aussies a fun and engaging way to pick up positive financial habits. It may also play a larger role in financial wellbeing for the next generation of Aussies, like Gen Alpha, as parents seek more fun and engaging ways to teach their children (and themselves) about finance.

“So whether Aussies practice saving up their ‘Simoleans’ in The Sims to buy a home, or invest in the Turnip ‘Stalk Market’ in Animal Crossing to help pay off their debt, playing these games, coupled with helpful, straight forward insights from a trusted financial institution, can empower Aussies with fun and practical ways to tackle financial success.”

Tackling debt more important than finding love in 2021

ING research reveals Aussies became more financially literate in 2020

Thursday 28^th January: New research by ING Australia reveals staying on top of finances is more important than finding true love in 2021.

More than a third (36%) of the research respondents say they are prioritising being financially fit and 32% say they are concentrating their efforts on tackling debt, this year. This compares to just 11% who say they are focusing on finding love in the months ahead.

The research also reveals a large number of Aussies (70%) believe they’re financially prepared for the year ahead, with 2.9 million (15%) saying they feel more financially prepared now than ever before.

Fiona Prater, ING’s Head of Consumer Lending, says:

“What this research suggests is that the pandemic has made many Aussies take the positive step to re-evaluate their financial position, making them more prepared for any future financial uncertainty.

“In fact a quarter of respondents say that over the past 12 months they have become more financially literate and understand their personal finances better.”

Australians also seem more comfortable to talk about debt than they did this time last year. According to the research, debt has become less of a taboo with two thirds (68%) of respondents saying they’re prepared to talk about their debt. Similar ING research from January 2020 found two thirds (61%) said they’d rather open up about anything else, including relationship troubles, than debt.

“Because the pandemic affected us all, it’s made the subject of finances and debt an everyday topic.  We all know someone who has been directly or indirectly financially affected by the pandemic through no fault of their own.

“If debt problems are shared, we can share solutions. The fact that so many Aussies are prepared to talk about debt is a really good thing. It means the stigma around debt is disappearing,” says Fiona Prater.

(ENDS)

Notes to editors

This research survey was commissioned by ING and conducted by YouGov in January 2021. The nationally representative sample comprises 1,035 Australians in total aged 18+ years distributed throughout Australia and weighted by age, gender and location to reflect the latest ABS population estimates.

For more information contact Megan Landauro on 0413 317 225 or megan.landauro@ing.com.au

About ING

ING changed the way Australians bank 21 years ago by launching the country’s first branchless bank. ING now offers Australians award winning home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services.

ING is Australia’s most recommended bank according to RFi XPRT Survey April 20 – September 20 ( n= 4,165) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution (MFI) with 6% of market share according to RFi XPRT Survey (April-September 2020) (n=31,552). MFI is defined as the bank that the consumer says is their main financial institution.

ING Australia appoints Lisa Gray to the Board

On 21 September, Lisa Gray was appointed as a non-executive director of ING Australia’s Board of Directors. Lisa brings with her 30 years of experience and has held CEO and executive roles across private and public sector businesses including NAB, MLC, Plum Financial Services and Axa. She is currently the CEO of Victorian Funds Management Corporation.

Lisa is a winner of the Telstra Business Women’s Award for medium-sized enterprises and the Rupert Murdoch Fellowship for Leadership and Management. She is also a member of Chief Executive Women and a Graduate of the Australian Institute of Company Directors.

ENDS

For more information please contact:
David Breen 042933060, david.breen@ing.com.au

About ING
ING changed the way Australians bank 20 years ago by launching the country’s first branchless bank. ING now offers Australians award winning home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services.

ING is Australia’s most recommended bank according to RFi XPRT Survey February 20 – July 20 (n = 4,067) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution with 6% of market share according to RFi XPRT Survey, January – June 2020 (n=31,562).
ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration.

Patrick Roesink appointed Chief Risk Officer of ING Australia

 Patrick Roesink appointed Chief Risk Officer (CRO) of ING Australia and a member of ING Australia Executive Committee

31 July 2020: ING Australia has appointed Patrick Roesink as Chief Risk Office. Patrick joins from Europe where he was the CRO of ING Poland. He brings more than 25 years’ senior management and risk experience within ING across Europe and Asia.

ING’s CEO, Uday Sareen said:

“I’d like to welcome Patrick to the ING team. Patrick has more than two decades of risk management experience across multiple markets and geographies and the right skills to ensure a sound and measured risk culture is maintained in these uncertain times.”

Ends

Notes to editors

For more information contact David Breen on 0412 933 060 or David.Breen@ING.com.au

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first branchless bank. ING now offers Australians award winning home loans, transactional banking, superannuation, credit cards, personal lending, insurance and wholesale banking services

ING is Australia’s most recommended bank according to RFi XPRT Survey October 19 – April 20 (n = 3839) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution with 6% of market share according to RFi XPRT Survey, January – June 2020 (n=31,562).

ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration.

Construction starts on new ING Central Coast Home

ING invests in the region’s people with new office set to open in 2022

21 July 2020: This week construction starts on ING’s new purpose built office in Wyong, signifying its continued investment in the Central Coast region and its people.

The new building is due to open in 2022 and will provide a state of the art environment for ING’s 400 central coast employees.

ING Australia’s CEO, Uday Sareen says:

“We have been on the Central Coast for almost two decades and we are one of the region’s biggest employers. A quarter of our entire Australian workforce is based there. The Coast produces passionate, caring and dedicated people that we want to invest in to help build our business.”

“For any organisation to succeed it needs to provide an environment where the health and wellness of employees are prioritised. People are most productive when they have a good work life balance and this is exactly what our new Central Coast home is about.”

“The building will help to increase our agility with new technology that will make it easier for teams to work collaboratively, even if their colleagues are working in another office or at home.”

“The location was chosen as it has great transport links, is close to shopping amenities gyms and childcare facilities. There will also be an onsite café and enough space for us to provide employees with free parking.”

The sustainably built 4,800 meter squared site has been designed with ING’s agile work practices in mind with an open plan and innovative meeting spaces throughout.

The building will utilise natural light and provide vistas. A sprawling garden will give employees the opportunity to work outside or the space to recharge.

ING’s new Central Coast building has been developed by Gibbens Group and will be located in the Wyong Business Park.

L-R: Brooke Preston (ING Customer Experience Lead), Holly Bengowski (ING Customer Experience Lead), Uday Sareen (ING Australia’s CEO), Matthew Gibben (Gibbens Group CEO) and Paul Classens (ING Contact Centre Senior Manager).

-ENDS-

Notes to editors

For more information contact Megan Landauro on 0413 317 225 or megan.landauro@ing.com.au

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to customers with home loans, transactional banking, superannuation, credit cards, personal lending and insurance.

ING is Australia’s most recommended bank according to RFi XPRT Survey October 19 – April 20 (n = 3839) when compared to customers of 20 other banks operating in Australia. It is also Australia’s fifth largest main financial institution with 6% of market share according to RFi XPRT Survey, January – June 2020 (n=31,562).

ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration.

Savvy millennials set to take advantage of COVID weakened housing market

ING’s new Future Focus: Homeownership report reveals many millennials seem to be paving new pathways to homeownership and re-thinking their ‘essentials’ to get on the property ladder.

Monday 6 July 2020: A new report by ING reveals almost half (46%) of Aussie millennial home buyers say COVID-19 has made home ownership more achievable and a third (32%) say they’ll buy a home within the next one to two years. 

According to the report, millennials say they have used lockdown to get on top of their property goals by travel budgets to a home savings account (59%), taking on a side hustle (37%), and moving back in with their parents (36%).

In order to save and buy a house sooner, half (50%) of all millennial home buyers say they would consider living on the city fringes and the outer suburbs (45km or more from the city), the report found. More than  one in five (22%) say they plan to buy a smaller property in a cheaper area and rent it out until they can afford their forever home, while one in 10 (9%) say they would consider buying a property with a friend or family member to get on the ladder quicker.

What’s more, millennials seem to be  using different tactics and making significant lifestyle sacrifices to save for their future home. Almost half (48%) say they will limit their personal shopping, reduce dining out experiences (42%) and recreational drinking (28%), give up their gym membership (21%), and date less (24%).

ING’s Head of Home Loans, Julie-Anne Bosich says:

“What this research suggests millennials and Australians in general haven’t given up on the great Australian dream of owning their own home, they’re just re-thinking how they go about getting there and re-evaluating where they might want to live.”

“It suggests many people, especially millennials are being savvy by taking advantage of record low interest rates, government assistance and a weakened housing market to get on the property ladder.”

“The ING Future Focus: Homeownership report gives an overview of how the pandemic has changed how Aussies feel about their homes and home ownership and offers practical, money saving design tips for those wanting to make better use of space.”

Key findings from Future Focus: Homeownership Report include:

• The Australian Dream revived and re-defined: most millennial Aussies are setting their sights on owning one home (75%), over flipping houses (8%) and buying an investment property (10%)
• The new home ‘essentials’: Millennials looking to buy are prioritising fast internet (40%), an outdoor space like a balcony, garden or patio (37%) and space to exercise (27%). They’re also buying for comfort (32%), stability/security (21%) and protecting their future (15%)
• The home turned ‘Lifestyle Hub’: Since lockdown, a quarter of Aussies (30%) say they now see their home as a ‘lifestyle hub’ and despite public spaces now open, many plan to continue exercising (39%), dining (30%), socialising (29%) and working (25%) more frequently at home
• Buying property with a partner: Millennials (60%) are notably more likely than Gen Z (41%) or Gen X (35%) to enter the property market with a partner, however 1 in 5 millennials (22%) plan on doing it alone

View the full ING Future Focus: Homeownership Report here. 

-ENDS-

Notes to editors

This research was commissioned by ING and conducted by YouGov in June 2020. It comprises two surveys: a nationally representative sample of 1,057 prospective Australian home buyers aged 18+, and a nationally representative sample of 1,056 Australians aged 18+.

Millennials: People born between 1981 and 1996

Source: YouGov

For more information contact Megan Landauro on 0413 317 225 or megan.landauro@ing.com.au

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to customers with home loans, transactional banking, superannuation, credit cards, personal lending and insurance.

ING is Australia’s most recommended bank according to RFi XPRT Survey October 19 – April 20 (n = 3839) when compared to customers of 20 other banks operating in Australia.

ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration.

ING Future Focus Report: preparing for the digital workforce of tomorrow

ING Future Focus: preparing for the digital workforce of tomorrow

More than 3 million to seek career change post COVID-19

More than 3 million to seek career change post COVID-19

New ING Future Focus research reveals Australians’ post COVID-19 career sentiment

20 May 2020: The ING Future Focus Report, out today, shows 3.3 million* Aussie adults are rethinking their career path, this includes 1.38 million Millennials and 1.31 million Generation Xers.

ING’s Head of Retail Banking, Melanie Evans says:  “COVID-19 has made many Aussies re-think their work choice with some questioning whether their existing skills will always be needed while others have spent time dreaming about a change in career direction”

“Millennials and those who fall into Generation X are at points in their life where stable incomes are really important. Many Millennials are experiencing big life changes like marriage, children and home ownership. For Generation X they’re probably paying off mortgages and planning for their retirement.”

“We’ve had a good run of booming job growth in Australia so many Millennials may have never experienced an economic downturn in their working careers. This could be why so many are taking the initiative to re assess careers and learn skills.”

Despite many wanting to change jobs, 32% are expecting  opportunities to be very hard to come by, and one in four (23%) feel anxious or fearful about the prospects of finding work.

“There’s no denying Australians are nervous about what lies ahead, but our report reveals Aussies are being resourceful – using this time to plan for the future and upskill so they can move with the times,” says Melanie

The research highlights more than a quarter (28%) of Aussie adults are learning new skills whilst in isolation, whether that’s in an attempt to progress their careers (17%) or simply to learn something new (11%).

“This increase in learning will help people feel more optimistic about the future of work beyond COVID 19,” adds Melanie.

COVID-19 accelerates the future workforce

Futurist, Anders Sörman-Nilsson comments on the research findings:

“Pandemics have a history of spawning cultural and labour transformation. Just as the Spanish Flu and Black Plague shifted ways of working, COVID-19 will lead to an even closer relationship with technology, with the rise of machine learning, artificial intelligence and robotics,” says Anders Sörman-Nilsson

“Not only are there thriving new industries to take advantage of, but Aussies can transfer their current skills, learn new ways of working and adapt to the current climate.”

Key predictions from Anders Sörman-Nilsson

Workplace trends

• Robots join the team – digital connectedness will thrive, from robots and drones utilised in healthcare, to tech connecting people who are separated.
• STEMpathy will get you hired – whilst some machines might take over old jobs, emotional intelligence is not something that can be programmed. It will be important for people to have multiple skill sets that combine creativity and entrepreneurship with digital technologies.
• Eco companies will lead the way – as we look to tomorrow, businesses that focus on sustainability, renewable energy and carbon neutrality will be the leaders of our new economy
• EdTech the new normal – within schools and workplaces we will continue to gain access to world-class mentors and teachers through hybrid education models that fuse virtual learning with face-to-face.
• Your wellbeing is the priority – we will see workplaces place greater emphasis on mental health and wellbeing, including access to online therapy, mediation apps and dedicated wellbeing spaces.
• A home office will be common place – as more workplaces offer the opportunity to work from home, we will see a rise in those looking to build or buy properties with home offices.
• Those who can adapt quickly will thrive – whilst niche skills will still be needed, it will become increasingly important for people to diversify their skill sets and continue to learn outside of traditional education to ensure they are flexible and ready for change.

Top 10 growing industries 

1. BioTech, Pharmaceutical & Life Sciences
2. Cyber Security
3. Healthcare
4. Robotics
5. Agriculture
6. Renewable Energy
7. Sustainability & Wellness
8. Grocery Delivery
9. EdTech
10. Online Entertainment

Top 10 job of increasing demand

1. Medical Tele-storyteller
2. Financial Coach
3. Black Swan Risk Manager
4. Agricultural Technologist
5. Sustainability Consultant
6. Industrial Robotics Engineer
7. Executive Creativity Coach
8. Cyber Security Defender
9. Digital Literacy Coach
10. Nurse

-ENDS-

Notes to editors

The ING Future Focus Report was commissioned by ING in conjunction with futurist Anders Sörman-Nilsson.

This research survey was commissioned by ING and conducted by YouGov in April 2020. The nationally representative sample comprises 1,005 Australians aged 18+ years distributed throughout Australia and weighted by age, gender and location to reflect the latest ABS population estimates.

Gen X: People born between 1965 and 1980

Millennials: People born between 1981 and 1996

Source: YouGov

*3.3 million based off the adult Australian population, taken from 17% of those surveyed agreeing COVID-19 has made them rethink their career path.

For more information contact Megan Landauro on 0413 317 225 or megan.landauro@ing.com.au

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to customers with home loans, transactional banking, superannuation, credit cards, personal lending and insurance.

ING is Australia’s most recommended bank according to RFi XPRT Survey October 19 – April 20 (n = 3839) when compared to customers of 20 other banks operating in Australia.

ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823. Information in this media release is general information only and we have not taken your financial circumstances, objectives, needs or requirements into consideration.

About Anders Sörman-Nilsson (Global Executive MBA / LLB)

Anders Sörman-Nilsson is a futurist and the founder of the Sydney-based think tank and trend analysis firm – Thinque, which provides data-based research, foresight and thought leadership assets for global brands across four continents. His vision is to disseminate ‘avant-garde ideas which expand minds and inspire a change of heart’, and clients like ING, Microsoft, Apple, Facebook, McKinsey, Jaguar Land Rover, MINI, Rugby New Zealand, and Lego trust his future guidance. He is an awarded keynote speaker who helps leaders decode trends, decipher what’s next and turn provocative questions into proactive answers. He has published 3 books including ‘Aftershock’ (2020), ‘Seamless’ (2017) and ‘Digilogue’ (2013), is a member of TEDGlobal, and was nominated to the World Economic Forum’s Young Global Leaders in 2019. His futurist thinking has been shared by the Wall Street Journal, Financial Review, Monocle, BBC, Esquire and ABC TV.

Krista Baetens appointed to ING Australia board

ING Australia today announces the appointment of Krista Baetens to the ING board of directors.

Krista joined ING in 1998 and has held a number of executive management positions globally, most recently taking up the role of Head of Wholesale Banking Asia Pacific in January this year. In this role, she drives ING’s Wholesale Banking strategy for Asia Pacific, and is responsible for 14 markets across the region, namely Australia, China, Hong Kong SAR, India, Indonesia, Japan, Malaysia, Mongolia, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

Prior to her current role, Krista led Wholesale Banking in Singapore and South East Asia, and was Chief Risk Officer for ING Belgium.

With various management roles across APAC and EMEA, Krista is an experienced global business leader with an international track record, with deep sector and product knowledge. She has been made a Laureate of Belgium’s Prince Albert Fund (1996) and a Fellow of the Hogenheuvelcollege of the KU Leuven (2017) in recognition of her achievements in international business and strategy.

Krista holds a Master’s Degree in Law (Cum Laude) from KU Leuven University of Belgium, and speaks seven languages

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to customers with home loans, transactional banking, superannuation, credit cards, personal lending and insurance.

ING is Australia’s most recommended bank with the highest Net Promoter Score of any Australian bank. Source: RFi XPRT Survey October 19 – April 20 (n = 3839) when compared to customers of 20 other banks operating in Australia.

ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823.

Supporting our customers impacted by COVID-19

ING Australia today announced new measures to continue supporting customers and small businesses impacted by COVID-19.

The unprecedented spread of COVID-19 is having a wide reaching impact on individuals and communities across the country. ING wants to assure customers that we are ready to support their needs.

We encourage customers who are facing difficulties to contact us so that we can provide help with their home loans, personal loans or commercial loans.

Measures to support our customers

Customers may be eligible for:

• Repayment deferrals of up to 6 months on commercial loans for small business customers.
• A 3 to 6 month payment pause on home loans and personal loans for those in need.
• A 3 to 6 month payment pause on credit cards.
• Record low fixed rates for home loan borrowers and higher term deposit rates for savers.
• A cut of 0.35% p.a. to rates for existing commercial variable loans (under $3 million), effective from 9 April 2020.

ING’s dedicated specialist support team is available on 133 464.

Home loan rates

Owner Occupied Fixed Rates with Orange Advantage (Principal & Interest)

Owner Occupied Fixed Rates (Principal & Interest)

Investor Fixed Rates (Principal & Interest)

Investor Fixed Rates (Interest Only)

Variable home loan rates remain unchanged.

Savings rates

Increases of up to 0.25% p.a. have been introduced for some term deposit rates, effective 26 March 2020, as follows.

-ENDS-

*Comparison rates: The comparison rate is based on a home loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Important Information

During a payment pause, a customer will not be required to make any repayments, however interest and fees will continue to accrue on their loan. This means at the end of the deferral period the loan balance will be higher, and minimum repayments will increase so that the loan can still be paid within its term.

Information and interest rates are correct on the date of publication and are subject to change. All applications for credit are subject to ING’s credit approval criteria. Fees and charges apply.

Any advice does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you.

Before making any decision in relation to our products, you should read the relevant Terms and Conditions booklet and Fees & Limits Schedule available at ing.com.au. If you have a complaint please call 133 464 at any time, as we have procedures in place to help resolve any issues you, or your customer may have. Credit provided by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to home loans, transactional banking, credit cards, personal loans, superannuation and insurance.

Media contacts

Deanna Rose, PR Manager, ING, M:  +61 413 317 225, E: deanna.rose@ING.com.au

David Breen, Head of Corporate Affairs, ING, M: +61 412 933 060, E: david.breen@ing.com.au

Record customer growth drives ING Australia success

ING in Australia today announced a statutory net profit after tax of $440m for the 2019 year, up 9.7% on the previous year. The earnings came with another year of record customer growth and a 30% rise in the number of Australians treating ING as their main bank.

In 2019 ING:

• Attracted 423,000 new customers (total 2.6m)
• Added more than 450,000 new Orange Everyday transaction accounts (>2m total)
• Grew primary customers 30% – total 833,000
• Grew retail deposits 9.9% – $37b
• Grew retail mortgages 6.3% – $52b
• Grew business loans 9.2% – $4.9b
• Grew wholesale banking 13.3% – $5.7b
• Personal loans surpassed $245m
• Maintained status as Australia’s most recommended bank*

ING Australia CEO Uday Sareen says:

“ING celebrated 20 years in Australia with yet another year of record customer growth.”

“Over the past four years ING has grown its customer base by more than one million, with over 5% of Australians now nominating ING as their main bank.”

“We also have more than 2 million Orange Everyday cards in use in either customer wallets or on their mobile devices.”

“The growth of both retail deposits and retail mortgages (up 9.9% and 6.3% respectively) has been above industry average as overall customer numbers continue to climb.”

“Savings and loans are the backbone of the business, but I have been particularly pleased with the growth of our consumer lending through personal loans and the Orange One credit card.”

“We attracted more than 16,000 personal loan customers and developed a debt consolidation option – a good example of our customer-first approach to product design.”

“ING added car and travel insurance to its range of insurance products during the year, with more than 60,000 policies now protecting our customers across the insurance portfolio.”

Delivering a digital experience

Mr Sareen says customers have higher expectations than ever from their digital banking experiences.

“People want the ability to do their banking 24/7 in a simple and easily accessible way. The digital experience must be simple, faultless, effective and engaging.”

“Our mobile app drives more than 800,000 customer interactions per day. More than a third of our customers deal with us only through the mobile app; for these people the app is the bank.”

ING has maintained its number one position with the most recommended banking app⁺ and the most recommended website⁺ in the market.

“The desire for a seamless digital experience is increasingly the reason for people to change banks.”

Financially empowering our community partners

Through ING Australia’s Dreamstarter program, the bank has now helped more than 90 social enterprises grow and scale their businesses.

The Dreamstarter program helps start-up social enterprises tackle social and environmental issues.

The bank’s long-time partnership with Cerebral Palsy Alliance continues to help teenagers and young adults build life skills to equip them to be self-reliant and independent in the community.

Wholesale banking

ING continued to grow wholesale banking in Australia, with lending increasing 12% over the year.

“What’s been particularly pleasing about this growth is our increased financing of renewable energy projects like the Kiamal Solar Farm in Victoria – the state’s largest- and the Snowtown 2 windfarm in regional South Australia.”

“We aim to be a leader in sustainable finance and are committed to taking climate action by aligning our lending to the Paris Agreement goals.”

“We continue to leverage our international expertise in wholesale banking to help clients fund renewable energy, infrastructure, natural resources, power and utilities, and food and agriculture.”

ENDS

For more information please contact:

• David Breen, 0412933060, david.breen@ing.com.au
• Deanna Rose, 0413317225, deanna.rose@ing.com.au

* ‘ING “Australia’s most recommended bank” according to Nielsen Consumer & Media View July 19 – December 19 (n=11403) when compared by customers of 18 other banks operating in Australia.’

⁺Most recommended banking app and most recommended website based on RFI data, sourced January 2020.

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value and convenience to home loans, transactional banking, superannuation, insurance, credit cards and personal loans. ING offers wholesale banking with international expertise in multiple sectors. Retail banking products issued by ING Bank (Australia) Limited ABN 24000893292 AFSL and Australian Credit Licence 229823.  ING Insurance products (Car, Home & Contents and Travel Insurance) are issued by Auto & General Insurance Company Ltd ABN 42 111 586 353 AFSL 285571 as insurer. It is distributed by Auto & General Services Pty Ltd ABN 61 003 617 909 AFSL 241411 (AGS) and by ING Bank (Australia) Ltd ABN 24 000 893 292 as Authorised Representative 1247634 of AGS. ING is a business name of ING Bank (Australia) Ltd (ING).

ING announces fixed home loan rate changes

5 March 2020:  ING in Australia today announced that it will reduce interest rates on a range of new owner occupied and investor fixed rate home loans, effective from 6 March 2020.

Among the new fixed rate options is a 3 year fixed rate for owner occupied home loans with Orange Advantage (principal and interest) of 2.49% p.a. (comparison rate 3.89% p.a.).

The new fixed rates apply to loans settled on or after 6 March 2020 and are as follows:

-ENDS-

*Comparison rates: The comparison rate is based on a home loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Important Information

Information and interest rates are correct on the date of publication and are subject to change. All applications for credit are subject to ING’s credit approval criteria. Fees and charges apply.

Any advice does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you.
Before making any decision in relation to our products, you should read the relevant Terms and Conditions booklet and Fees & Limits Schedule available at ing.com.au. If you have a complaint please call 133 464 at any time, as we have procedures in place to help resolve any issues you, or your customer may have. Credit provided by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to home loans, transactional banking, credit cards, personal loans, superannuation and insurance.

Australia’s most recommended bank.

Source: Nielsen Consumer & Media View July 19 – December 19 (n=11403) when compared by customers of 18 other banks operating in Australia.

Media contacts

Deanna Rose, PR Manager ING, M:  +61 413 317 225, E: deanna.rose@ING.com.au

David Breen, Head of Corporate Affairs, ING, M: +61 412 933 060, E: david.breen@ing.com.au