Lender Spotlight: ING

Over the last five years, ING has cemented its position as a prominent player in the residential lending space, earning recognition from brokers for its competitive offerings and customer-centric approach. Drawing on data from Broker Pulse: Residential Lending, this spotlight analyses ING’s performance across broker usage, broker experience, turnaround times, and why brokers choose to work with ING.

Broker usage

ING’s presence among brokers has been consistently strong over the last 60 months. While the bank has occasionally seen fluctuations in its monthly engagement levels, it remains a favoured option for brokers seeking flexibility and innovation. Brokers have increasingly turned to ING for borrowers who value digital accessibility and competitive pricing, particularly in the owner-occupier and refinancing segments.

ING’s appeal has grown among brokers working with younger clients and tech-savvy borrowers. Its focus on delivering seamless digital tools, such as its streamlined loan application process and robust online banking platform, has helped maintain its relevance in a competitive market. The data indicates that ING has steadily held a top-ten spot in terms of broker preference, reflecting a reliable and trusted presence.

Broker experience

Feedback from brokers consistently highlights ING’s broker support systems and tools as a standout feature. Over the last five years, the bank has invested heavily in its broker portal, making significant improvements to the user experience. These enhancements have resulted in smoother application submissions, improved communication with credit assessors, and timely updates on loan statuses.

However, challenges persist. Brokers have occasionally reported delays in document processing and inconsistencies in credit policy interpretations. While these issues are not unique to ING, the bank has worked to address them by introducing clearer policy guidelines and enhanced training for support staff. Overall, brokers rate their experience with ING positively, especially regarding the ease of dealing with straightforward applications.

Turnaround times

Turnaround times have been strong on average for ING but hit a large peak in late 2021/early 2022, with an average turnaround time of up to 12 days.

However, more recent data points show that ING’s turnaround times average 3 days, with this peak an outlier that hopefully won’t reoccur.

Reasons for choosing the bank

Brokers frequently cite ING’s competitive pricing and transparency as primary reasons for recommending the bank to clients. Its reputation for offering low interest rates, particularly for fixed-rate products, has made it a preferred choice for cost-conscious borrowers. Additionally, ING’s reputation for ethical banking practices and its strong environmental, social, and governance (ESG) credentials resonate with brokers and clients alike.

Another significant factor is ING’s commitment to innovation. Over the past five years, the bank has introduced features like digital document uploads, automated updates, and AI-driven credit assessments, all of which have enhanced its attractiveness to brokers managing tech-savvy clients.

ING’s performance over the last five years reflects a bank that is continually evolving to meet broker and borrower expectations. While challenges around turnaround times and policy clarity remain, ING’s consistent focus on competitive offerings, broker support, and innovation positions it as a reliable and forward-thinking lender. For brokers seeking a partner that values efficiency and customer-centric solutions, ING continues to be a strong contender.

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