What will happen to ING? It’s a question many ING Electric Orange customers have been asking online and in the news since last week, when it was announced that Capital One purchased ING’s U.S. online banking business for a reported $9 Billion.
The deal was a must-do for ING, a Dutch company, which was forced to sell by the European Commission. This means ING Direct will exist in the U.S. only a short while longer, before being re-branded as Capital One.
Clearly, ING Direct was a pioneer in the online banking space, paving the way for even more innovative banking solutions like PerkStreet. We’re bummed that this is a win for Big Banking — especially given that Capital One initially made a name for itself as a credit card issuer. Here’s how it appears the whole acquisition will shake out for ING customers:
A Transition to Capital One will be Unavoidable
According to Capital One CEO Richard Fairbank, who held a press conference after the announcement, Capital One will have the right to continue using the ING Direct branding for one year after the deal closes, and then will continue to be able to use the “Orange Ball,” “Orange Savings,” and “Electric Orange” branding moving forward.
But orange, purple, or polka-dotted, it makes no difference. All the ING Direct Orange Savings and Electric Orange accounts will still be Capital One accounts, and many current ING customers seem concerned that things will change when it comes to the value and customer service they’ve grown accustomed to.
Uncertainty Pervades and Many are Displeased
Nobody really knows what changes will befall ING’s customers in the wake of this acquisition besides the execs at Capital One. Even the executives here at PerkStreet, long-time bankers though they are, are hesitant to guess at the outcome. The only thing that seems sure right now is that Capital One is about to become the fifth or sixth biggest bank as a result of the acquisition.
Many ING Electric Orange customers online seem frustrated about the thought of banking with a Big Bank like Capital One — it’s something that drives Americans to innovative institutions like ING and PerkStreet in the first place. Still others are already publicly threatening to leave ING.
PerkStreet is Only Getting Better
The staff at PerkStreet Financial knows how you’re feeling if you’re an ING customer. Many of us had ING accounts in the past because we know banking can be better than the Big Banks would have you believe. The good news? We have decided to take matters into our own hands. We’re committed to changing banking for the average American. It’s why so many of us quit jobs at Big Banks to form PerkStreet Financial. We have never been more passionate, more focused on building a better way to bank online than we are in the wake of this announcement.
Plus, with smartphone applications and savings accounts topping our list of priorities, PerkStreet is only going to be getting more awesome over the coming months and years. We remain committed to our vision for a better deal, even as ING has had to bow out.
If you’re looking for the next great thing in banking, spend a few minutes looking into us. Or, even better, ask our customers what they think about banking with us.
What do you think will happen to ING’s accounts? What changes will Capital One make to ING Electric Orange checking? Please share your thoughts in the comments.