ING has identified the Small Medium Enterprise & Mid-Corporate (SME & MC) segment as a major growth opportunity. To expand their market share in existing markets and enter new markets, they are in the process of setting up a new Global SME & MC department. This team will drive the development of fintech solutions and digital innovation to create value for SME & MC businesses. This exciting journey offers interesting career opportunities for experienced strategy consultants and digital professionals alike. To build this team, ING is working with Top of Minds Digital Executives to hire two MT-level roles: Head of Value Proposition & Head of Strategic Planning.
THE SME & MC OPPORTUNITY
In line with ING’s strategy of empowering people and businesses to stay a step ahead, ING is setting up a new Global SME & MC department. ING is currently delivering strong results in the SME & MC segment in the Benelux, Poland, Romania and Turkey and expanding its footprint in Germany, France, Italy and Spain. There are three reasons why this business unit has huge growth potential:
- Client behavior in the SME & MC segment is changing, which offers the opportunity for a new, more digital, approach. Companies are served through an increasingly connected and data-driven ecosystem, featuring accounting software, factoring companies, invoicing services, CRM/ERP providers, leasing companies, financial advisors as well as banks.
- The banking regulations are adapting to the changing ecosystem, creating new possibilities.
- Although ING has a strong SME&MC business in several markets, their current footprint in Europe’s largest economies is limited. The growth potential is huge.
FOCUS ON FINTECH & DIGITAL ACCELERATION
So far, disruptive fintech players seem to be more adept at responding to these changes than established players. ING is bent on capturing the SME & MC market by combining the agile way of working of start- and scale-ups (which ING has adopted in many business units already) with the scale and financial resources of a global bank.
As part of the strategy to grow its SME & MC business and create a differentiating customer experience, ING invested in fintech Kabbage in late 2015. They currently offer millions of SME’s throughout Spain, France and Italy the opportunity to easily apply and get approved for online loans in under 10 minutes.
The new Global SME & MC department will expand ING’s market share and enter new markets. The department will also develop innovative and disruptive solutions to enter new markets. In markets where ING already has a significant presence within this segment, the focus will be on consolidating strengths and accelerating the digital transformation.
SELF-SERVICE FINTECH PLATFORM
The key to success is to support the daily business of SME & MC companies. Entrepreneurs care about their product or service, getting paid and growing their business. Financial services are only interesting if they are easily accessible and immediately add value in a relevant way.
“A greenfield opportunity to impact the entire sector.” – Luc Truyens, Global Head of SME & MC
Luc Truyens envisions an online self-service platform, offering both ING’s financial products and relevant services from fintechs. Managed globally, enriched with local products. This user-friendly hub should be fully integrated into the daily financial operations of clients (accounting, invoicing, payments, transactions, etc.). With algorithms, the platform will generate insights into the financial health of businesses. And most importantly: it will offer free advice and a tailored selection of lending, working capital, leasing and trade finance products. To make that happen, Truyens is a building a global team.
HEAD OF STRATEGIC PLANNING
The Head of Strategic Planning will drive the strategic agenda, market research and customer analytics for the new Global SME & MC department. Key responsibilities are pioneering, identifying and scaling-up best practices, stakeholder management, connecting business lines and setting up a new Strategic Office.
The Head of Strategic Planning will be part of the SME & MC Management Team (5 FTE) and report to the Global Head of SME & MC, Luc Truyens. Together, they will develop the strategy to help ING become a key player in the financial services ecosystem serving SME & MC companies globally.
The Head of Strategic Planning will direct and oversee the strategic planning, customer analytics and data management for this new department. This includes evolving and transforming the business model, building a robust data management framework, encouraging a data-driven culture and coordinating key processes.
The Head of Strategic Planning will initially be able to hire a team of three professionals to perform market research and analysis. Together, they will be able to drive customer analytics across markets and countries to better understand the needs of SME & MC businesses. It’s likely that this team will take the lead in projects such as the development of a future-proof risk engine, albeit in close cooperation with other business lines. The Head of Strategic Planning will also develop and coordinate partnerships with third parties such as fintechs in order to drive the platform strategy. This person is also the business partner to the Risk Management, Compliance and Finance departments at ING, making sure that the SME & MC department is aligned with the backbone of the bank.
This is an excellent landing spot for candidates with a minimum of 8 years’ experience in strategy consulting or an innovative data management environment. It’s an opportunity to join a greenfield operation and start creating impact from the get-go. A solid understanding of the SME & MC segment is an advantage.