Anyone who has an account with ING is now used to the fact that inquiries are made on a regular basis. But now the bank would like to get even closer to you and have all your data so that they can give you personal tips. Whoever agrees is essentially doing a complete financial striptease.
ING would like to analyze your data
ING current accounts were extremely popular a long time ago. You actually got a free checking account and usually a big bonus. That no longer exists, and the bank is also at the forefront of negative interest rates, which have become increasingly strict recently. But now you want to focus even more on your customers. The bank not only wants to use the personal data for analysis, but everything that happens on the account (source: Caschy). That’s why the first customers get a request with the title “Tips for you personally” displayed.
If you simply agree, ING can access the creditworthiness and thus see the risk tolerance and credit risk. Furthermore can Accessed all checking, debit and credit card details be – including all sales. All contracts that you have concluded are also automatically open there. The same applies to full access to securities account, loan and deposit data, where you can then see what product types you have, how long the loan term is and much more. Basically, ING can then access everything you’ve ever done with the account.
And what’s the point behind it? Of course, ING is not doing this for fun. But you don’t want to sell the data yourself, you want to analyze it in-house in order to make personal offers to customers. So if you bought a bike, a bike insurance can be suggested to you – is given as an example. The possibilities are endless when someone can access your entire financial profile and analyze it in every detail. Of course, ING gets a commission if you accept one of the offers.
Important tips for online banking:
Consent should be carefully considered as an ING customer
You should really think twice before agreeing to this. There is of course some potential where you could get good deals. But you really want your own bank to analyze everything in the smallest detail and then you get even more offers that you don’t even need? Personally, I don’t want that, but I have my financial situation under control, I regularly look for the cheapest offers and save wherever I can anyway. In my opinion, one should not blindly agree here.