ING-Diba, the banking group’s German arm, is to expand its retail banking offering by including online wealth management, delivered by Scalable Capital.
The partnership, which marks the first fully integrated partnership between a major German bank and an online wealth manager, is a pilot project and ING will assess the new service in Germany before it looks to further expand it across Europe.
Over the past 12 months, several teams have worked to integrate Scalable Capital’s service into ING-DiBa’s technical infrastructure. The result is a customer-friendly offering, whereby ING-DiBa customers can register in less than 15 minutes using an entirely paperless process.
Nick Jue, CEO of ING-DiBa and head of ING Germany, Austria and Czech Republic, said: “Scalable Capital’s online wealth management enables us to offer our customers a highly attractive and comfortable way of investing. This move is in line with our strategy to deliver the best and most cost-effective financial services to our customers through advanced digitisation.”
Erik Podzuweit, founder and CEO of Scalable Capital, added: “ING-DiBa is the ideal partner for us. When it comes to digital innovations, they act exceptionally quickly and decisively. In addition, they will give us immediate access to more than eight million customers.”
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