Thursday 15 September 2022

*UKHotViewsExtra* What can we learn about the appetite for innovation from ING?

YoltFollowing the decision by ING to close down the personal finance element of its app-based arm, Yolt, the multinational Dutch bank has this week announced plans to also phase out Yolt’s B2B open banking operations. Following the news that Yolt’s operations are to be sunsetted, it has also been reported that ING is now re-structuring the provision of innovation within the bank.

Going forward, innovation within ING will no longer be the responsibility of a centralised function but will be handed back to the bank’s individual business units. ING’s dedicated innovation arm, ING Neo, is set to be absorbed into the bank’s corporate strategy function.

Despite the increasingly challenging economic climate, the decision by ING to change its approach to innovation may not soley represent an exercise in belt tightening. The move may also potentially signal the growing maturity of digital transformation and attitudes to innovation and technology modernisation.

TechMarketView clients can learn more via What can we learn from ING about the appetite for innovation? This UKHotViews Extra explores some of the possibly considerations behind ING's decision and the current climate for SITS within financial services.

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Posted by Jon C Davies at '10:35'