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blog / July 06, 2016

Dave Deruytter, ING Belgium

Digital Transformation: How to ride the wave of change.

Dave Deruytter, Head of Expatriates & Non-residents at ING Belgium.

ING & Starfish “Digital Dialogues”, ING Bank, Brussels, 30 May, 2016.

 

Digital banking for small businesses & Crowd funding

There is a lot of talk about digital banking for individuals in the press today. Online banking services are also available to businesses, including small businesses. Services like checking your account statements or credit card use, ordering a document or requesting a credit, but also the execution of bank transfers and direct debits. There are video tutorials online that help you use the internet banking portals efficiently. More is to come with the introduction of video-skype with a banking expert in your field of interest. Technology is already there, it is a question for banks to organise themselves to provide such video-chat services to their customers.

Disintermediation or disruption is happening fast today in almost any industry, including in banking. It is for a starter or small business not always easy to obtain a loan or credit from a bank in the beginning. Options like crowd funding or peer-to-peer lending sometimes offer solutions. Still, unless the money is raised for a good cause people believe in, most participants/lenders will want to make sure to get their money back, just as banks do. Their credit requirements should be similar to those of banks, only online platforms have less overhead than traditional banks and may thus be cheaper.

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