March 7, 2021

ING defends that for the banking the «fintech» are an «element of exploration more than a danger»


The CEO of ING Spain and Portugal, César González-Bueno, has reflected on the great competitors that financial institutions will have in the future. In this sense, he has said that the bank sees the "fintech" as an "element of exploration rather than a danger", something that does not happen the same in the case of the great technology companies that, in their opinion, "when the time comes they will not have capital problems to face the challenges that are necessary".

This is what he expressed during the commemoration of the twentieth anniversary in Spain of ING, in an event in which the entity has presented a report by the PwC consultancy on the bank's contribution to Spanish society in its 20-year history, as well as the development of its activity in Spain and its disruptive role in the banking sector .

González-Bueno has acknowledged that the forecast of where the banking competition is going is "complicated" because "it is changing very fast", although he added that "the generally accepted thesis is that the irruption in the financial sector of the "fintech" has much less threat and much more collaboration than that of the "bigtech" ».

The person in charge of the entity has stressed that the «fintech» pose less risk, since "they encounter the need to become regulated if they want to have size", which demands some capital requirements that can become "great barriers to entry» Of the "bigtech", on the other hand, he has affirmed that they can end up having a "very relevant" participation. «In the future there will be alliances with financial entities or they will enter on their own. When they do it and with what depth is yet to be seen, "he added.

Asked about the closure of Banco Popular ATMs used by ING clients to withdraw money, González-Bueno has been blunt: «Cash has more past than future and we are an entity more of the future than of the past ». In addition, he said that there is a "very clear" fall in cash withdrawals and an increase in the use of electronic money, a trend that, as he pointed out, "is good for everyone." The CEO of ING in Spain and Portugal took the opportunity to recall that "Bankia has many more ATMs than the Popular and we have renewed an agreement that fills us with satisfaction ».

Lead mortgage production

Last June, during the financial conferences organized by the Association of Economic Information Journalists in Santander, the CEO of ING Spain and Portugal said that the entity aspires to become the first mortgage bank in Spain in mortgages of new production between the end of this year and the beginning of 2020, an ambition that has been confirmed today. "We remain convinced that we have not finished our journey there," he assured while saying that "the aspiration is not equal in consumer credit."

Nowadays, one in ten mortgages granted in Spain is from ING, with a market share of mortgage production of 9.4% in the first quarter of 2019.

After its first months in Spain, the bank ended 1999 with almost 40,000 clients. A year and a half later, in December of the year 2000, they already amounted to more than 200,000. As indicated by ING, since then this number has grown "sustainably and organically" at an annual rate of 18%, reaching the figure of 3.9 million customers.

The entity bet from its beginnings for a non-contact model through the mobile phone and, one year after entering the Spanish market, it already operated as an online bank. In 2011, it launched its first mobile app, which customers currently access, on average, every two days. This generates more than 30 million digital interactions per month, of which approximately 80% are made from the mobile phone. To this we must add that in 2014 it became a 100% digital bank, by having the same functionalities available in any of its channels.


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