Instant financial services: unlocking the power of digitization

by Andrea Greene - Marketing & Communications Officer
| minute read

Taking out a lease contract in less than ten minutes? Not only can you do it nowadays, but you can also do it via any device and at any time of day (or night, for that matter). This is clearly shown by My ING Lease, an online leasing platform that also lets you to make the necessary simulations in advance and compare the various solutions on offer.

Above all, My ING Lease proves that the power of digitization is increasingly finding its way into the financial services sector. Under the hood of My ING Lease there is an automated, digital solution that also has a lot of artificial intelligence built in. It is based on advanced analytics, in order to check the creditworthiness of the customer. And to make sure that the customer really is who he or she claims to be, it also includes a thorough authentication process.

Digital customer journey.

My ING Lease is a prime example of how digitization enables instant financial services. Essentially, My ING Lease is an application that facilitates the end-to-end digital customer journey of customers and suppliers of lease contracts. So, for instance, the online portal also offers the possibility to make simulations that, among other things, make clear the impact of changes in the amount and duration of the contract. The client goes through the entire process in less than ten minutes: the request for a formal offer, the approval of the offer, the receipt of the actual contract and the digital signature thereof. But more importantly: the customer goes through this entire process in a completely digital manner. No more paperwork is needed and the customer does not have to wait for approval. He or she immediately knows whether ING approves the request. If that is the case, ING will also deliver the contract immediately.

It is important to note that My ING Lease offers far more than just the digital delivery of a contract. The platform provides a complete leasing services framework. In the long term, for instance, ING also plans to provide information about the value development of the investment, with the expected residual value and a concrete view of the prices charged by the second-hand market. In order to be able to make a correct, substantiated decision, the customer used to have to look up all that information himself. Now it is offered to him as an essential part of the customer journey he’s on.

Speed ​​and ease of use are key.

Consumers have long been familiar with the concept of a digital customer journey. Increasingly, companies offer their customers instant services, fully digital, mobile, around the clock and without waiting times. Consumers also expect that same level of speed and ease of use when they have to make decisions in their professional role, for example as CFO or manager of a company. It is this shift in the expectations of the professional customer that applications such as My ING Lease respond to. A manager of an SME, for instance, rarely studies the possibilities of a lease during office hours. Let alone that he would visit the bank at that time. It is typically something that comes on the radar in the evening or at the weekend. An automated, digital tool ensures that the desired service can also offer correct and quick support at those times.