OREANDA-NEWS. May 13, 2015. Do banks have the potential to stay relevant in payments? ‘Absolutely’, said Mark Buitenhek Global Head Transaction Services of ING. ‘Provided they act now. Digital disruption has the potential to shrink the role and relevance of today’s banks, but simultaneously help them to create better, faster, cheaper services that make them an even more essential part of everyday life for institutions and individuals. The critical factors that determine success are: act open, co-innovation and the courage to invest.’

Mark was the opening keynote speaker of the two day payments conference and exhibition EBA day, which is held on May 12th and 13th in Amsterdam under the title “Payments 2020 – From Vision to Action”. This yearly conference is attended by the entire payments community: banks, PSP’s, consultants et cetera. ING is one of the host sponsors of the event.

84% of customers trust the app from their bank

Mark’s confidence in the future was supported by the results of a survey published by Ipsos and ING amongst 15,000 mobile device owners across 13 European countries, the US and Australia on the use of apps. Eye-catching outcome: a staggering 84% of customers trust the app from their bank, versus 5% from social network providers and other new market entrants. So there is room to grow. But two key messages stand out: the experience should be easy and the app and payment must be trustworthy. In summary: it is the customer experience and how successfully we meet this, which will determine whether we are among the survivors or not.