ING offers cash incentive
(10 November 2010 − Australia) ING Direct has made a play for the big fours' disgruntled customers, offering borrowers a cash incentive for switching banks.
The bank has offered A$1,000 to any customer that opens an Orange Everyday transaction account and switches their mortgage to the second-tier lender before June 2011.
Don Koch, ING Direct’s chief executive, said that the offer would drive competition between lenders in the mortgage space.
"We want people to vote with their feet and switch banks if they are unhappy with their existing banking relationship," Mr Koch said.
"If customers become more mobile, banks will be forced to offer better value and better service," Mr Koch added.
Mr Koch highlighted that the process of switching banks should be easier, adding that the A$1000 should be an incentive for people to start the process.
Don Koch, ING Direct’s chief executive, said that the offer would drive competition between lenders in the mortgage space.
"We want people to vote with their feet and switch banks if they are unhappy with their existing banking relationship," Mr Koch said.
"If customers become more mobile, banks will be forced to offer better value and better service," Mr Koch added.
Mr Koch highlighted that the process of switching banks should be easier, adding that the A$1000 should be an incentive for people to start the process.
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