ING Direct looks to new products and services

Details of a number of new bank account services have been unveiled by the head of ING Direct.

ING Direct is looking to offer a number of new personal finance products and services, it has emerged.

Speaking to Business Spectator, Don Koch, chief executive of ING Direct, reveals that the financial services firm is looking to become "the viable alternative" in the Australian banking community.

He adds that while the bank's competitors have reduced annual fees by a total of around $750 million, the fact that ING Direct already does not impose charges in areas such as using a rival's ATM means it is "not dropping any revenue from that perspective".

Mr Koch also tells the publication that its recently-launched Orange Everyday product is looking to develop the bank's interests in the transaction account market, while a new offset account - the first such product is has ever launched - is due to go live in around two months' time.

In addition, he reveals that the organisation is looking to move into the mobile banking sector and is due to release an application allowing people to access their bank account details via their phone later this year.

Earlier this month, it was revealed that the Commonwealth Bank of Australia had launched a new mobile bank account service where customers receive a text message reminding them when they are due to make a credit card repayment.

Written by Kate Guthrie