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business problem experienced by ING or its clients .” Ultimately , the company ’ s goal is to make a significant impact on the way modern finance operates by any means available , including through sheer innovative capacity , tactical partnerships or even seeking external investment .
So far , ING Labs currently has 25 initiatives across its funnel and has managed to successfully ‘ spinout ’ several fast growing businesses , including Katana ( advanced analytics ) in the UK and Cobase ( multi banking ) in the Netherlands , as well as the whollyowned Yolt ( open banking ) in the UK , France and Italy . However , although
“ We want to show that , as a business , we ’ re committed to innovation ”
— Olivier Guillaumond , Global Head of Innovation Labs and Fintechs , ING
located provincially around the world , Guillaumond emphasises that the radius of ING Labs ’ effect extends far beyond . “ The fact that we have labs in those locations doesn ’ t mean we are only going to have impact there . ING is really about being ‘ local for global ’; whatever we do in those locations always has global impact in mind .” This is an important lesson for the industry , particularly during a prolonged period of unprecedented change : think big , keep plans flexible
DECEMBER 2020