What does a customer really want to pay?

No fees. No frills. ING Direct CEO Arkadi Kuhlman, drives a Harley and reads palms, see the change for a revolution to fix the things he know people hatred about banks.
He simply asks, “What does a customer really want to pay?” He offers a McDonald’s approach to banking service. ING Direct pays 4.5% on a saving account while the average account gives 0.46%. Then there is the fast food aesthetic simple and inexpensive service. There is no fees and no minimum balances with a saving account and check account. Signing up online takes five minutes – not much longer than a stop at McDonald’s. There is no physical shop and the operating cost saving is shared with customers. Its commitment to customer service is impressive. What a US customer calls the toll free number, a person, an actual person not an automated menu nor an operator halfway around the world pick up the phone.

Kuhlman say “We aren’t conquerors. We are pioneers.” ING Direct now has more than 5 million account holders and with 100,000 to 150,000 more signing up each month. Today, ING Direct ranked 24th among US banks when measured by deposits of $47 billion, but it has a commanding share of 52% of the Internet banking market, with E-Trade ranked the second with 24% market share. Of course it is not the end of the story. It now tests the limits of the firm’s founding ideals by rolling out new product on mortgage.

It was classic Kuhlmann: a mixture of genuine outrage and savvy marketing message, with excellent customer service addressing the customer needs that win the customers over.