Under our Think Forward strategy, we have endeavoured to empower people to stay a step ahead in life and in business and this in order to fulfil the important projects they have planned. To reach this goal rapidly, we have accelerated the implementation of this strategy (Accelerating Think Forward), by adopting an even more customer-focused approach, i.e. by continuing to constantly improve our services, by offering a different customer experience from our competitors, notably by providing even more comprehensive digital solutions.

In practical terms, at ING Luxembourg, we made several new tools available last year, including a new online banking multichannel application, among other new products accessible essentially online, such as our Invest Plan, which enables customers to regularly invest predetermined savings amounts into investment funds.

This strategy has enabled us to continue delivering healthy results, with a net profit of EUR 103.6 million and a 17% increase in customer loan volumes, confirming our determination to make a greater contribution to financing the economy on a daily basis.

Retail Banking: a highly appreciated customer experience!
In 2016, the Retail Banking department made further efforts to increase its firm domestic market positioning by pursuing the Think Forward strategy, which generated strong commercial momentum and increased the number of overall clients, particularly among “primary bank” customers.
Our determination to become the key financial partner in supporting our local clients in their projects, led to an increase of around 16% in outstanding loans among smaller companies and retail customers.
Customer experience remains one of ING’s main drivers. We achieved an excellent result in the 2016 Net Promoter Score survey, which gauges customer satisfaction and experience, scoring +33. In summary, 81% of our customers are satisfied with their relationship with the bank and almost 3 out 4 customers have already recommended ING.

Private Banking: reinventing services
By keeping in its sights set on international expansion and remaining constantly aware of the need to respond precisely and efficiently to ever-increasing customer requirements, the Private Banking department was able to mitigate investor reluctance in 2016 amid turbulent markets, very low interest rates and a challenging geopolitical environment.
The Private Banking department continues to target international UHNWI customers with cross-border profiles in selected markets via our colleagues in other ING entities around the world. Customers with specific needs, residing in our traditional markets, and Luxembourg residents were also actively targeted last year.
In order to reinvent our service solutions, enabling the customer to remain one step ahead and prepare the new MIFID regulations, the Private Banking Access Service was launched in September 2016. This new service model is based on transparency and a personalised and thematic investment choice format using investment funds. Furthermore, the private banking credit business extended its strong gains recorded over recent years, posting double-digit growth in terms of volume (+25%) and profitability.

Wholesale Banking: strong growth
2016 was an excellent year, building further on the progress recorded over recent years. Wholesale Banking revenues increased by 11%, due chiefly to steady growth in our loans business, particularly Luxembourg home loans. Total loans increased by 17.3% in 2016, while customer deposits fell marginally, given the interest rate environment.
Several schemes were introduced during the year to enhance our corporate services. Drawing on the digital strategy defined in 2015, the Wholesale Banking ING digital solution designed for companies and institutions went live in 2016. The My ING Pro e-banking application, which was developed with the help of the bank’s customers, was also deployed among 250 companies.
Further efforts were made during 2016 to develop our credit skills, particularly among solutions proposed to investment funds. The first capital-call financing schemes were finalised with funds based in Luxembourg. Furthermore, the expansion of our leasing activities and loans to local companies highlights the support given by ING to economic development in Luxembourg.

Commenting ING Luxembourg’s 2016 results, the CEO Colette Dierick declared: “We can be highly satisfied once again this year with the progress made among our business lines, particularly given the environment, notably in terms of interest rates. Throughout 2016, we successfully pursued the development of our local business lines, as illustrated by the sharp increase in retail and corporate loans recorded by ING Luxembourg during the year.
We are also proud of our performance, which results from the hard work of all of the teams at ING Luxembourg, who have endeavoured throughout the year to develop new products and services in order to offer our retail and professional customers the best service and empower them to stay a step ahead in life and in business! This is our true mission!”