ING is demonstrating its commitment to fintech partnerships with the roll out of an online lending platform to SMEs in France and Italy, deploying digital technology from as many as five different third party firms to manage the process.
ING's instant lending platform has already been introduced to SMEs in Spain, following the bank's investment in US online lender Kabbage in late 2005.
Using the Kabbage platform, clients can get approval for a loan up to EUR 100,000 within 10 minutes. While ING oversees the whole process and holds the loans on its books, key aspects of the offering have been farmed out to third party firms, including digital onboarding from VI Company and e-signatures for legal approvals from InfoCert.
Benoit Legrand, global head of Fintech at ING says the proposition demonstrates the best way forward for banks in the digital world, working with multiple partners combining specialist capabilities.
"The service offers great advantage for customers who want to concentrate on running their businesses and don't want to spend too much time on managing their finances," he says. "This solution illustrates how ING is using the numerous opportunities the digital revolution offers to help people to stay a step ahead in life and in business."