ING Direct
A direct online bank offering savings accounts with no minimums.
Where ING Direct comes up1 book
- 1Open online from $1No minimums, fraction of branch costs
- 2Doubt: is it real?Switching anxiety stops motivated buyers
- 3Visit a cafeNo teller transactions, just reassurance
- 4Fastest-growing US bankSold to Capital One 2012, $9 billion
From ING Direct page notes
What was said about ING Direct
ING Direct grew fast by opening accounts online from one dollar. It let people open accounts from one dollar online, at a fraction of the cost of running branches. It became the fastest-growing US bank and was sold to Capital One in 2012 for $9 billion.
ING Direct opened cafes to prove its virtual bank was real. The cafes handled no teller transactions. Their main job was to reassure people that a bank with no branches was a real institution.
The lesson drawn is that visible signs the offer is real, and ways to try a choice before committing, lower the switching anxiety that stops even motivated buyers.
Competing Against Luck: The Story of Innovation and Customer Choice
It opened accounts from one dollar online at a fraction of branch costs and became the fastest-growing US bank, selling to Capital One in 2012 for $9 billion. It opened cafes mainly to reassure people the virtual bank was real.
ING Direct grew fast by opening accounts online from one dollar. It let people open accounts from one dollar online, at a fraction of the cost of running branches. It became the fastest-growing US bank and was sold to Capital One in 2012 for $9 billion.
ING Direct opened cafes to prove its virtual bank was real. The cafes handled no teller transactions. Their main job was to reassure people that a bank with no branches was a real institution.
The lesson drawn is that visible signs the offer is real, and ways to try a choice before committing, lower the switching anxiety that stops even motivated buyers.
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