ING Back on Track After Challenging 2020: CFO

The transcript discusses ING's performance in 2020, highlighting challenges and achievements. It outlines strategies for recovery in 2021, including loan growth and cost efficiency. The discussion covers loan loss provisions, dividend plans, and shareholder returns. The impact of COVID-19 on digital transformation and banking is explored, along with ING's cautious stance on Bitcoin and digital currencies.

What was a significant change in ING's customer behavior during 2020?

• Higher loan defaults

• More digital interactions

• Decreased customer base

• Increased in-person banking

What is one of the strategies ING plans to use to get back on track after 2020?

• Eliminating dividends

• Decreasing capital ratio

• Increasing loan growth

• Reducing digital services

What is ING's capital ratio as mentioned in the discussion?

• 18.5%

• 15.5%

• 12.5%

• 10.5%

What is ING's target return on equity through the cycle?

• 5-7%

• 8-10%

• 10-12%

• 12-15%

How has COVID-19 influenced the banking system according to the discussion?

• Reduced customer base

• Decreased online banking

• Accelerated digitization of channels

• Increased physical branch visits

What is ING's stance on investing in digital currencies like Bitcoin?

• Actively investing

• Monitoring the situation

• Completely against it

• Advising customers to invest

What was ING's approach to customer acquisition during the challenging period?

• By reducing services

• Through mergers and acquisitions

• Through organic growth

• By increasing fees