The buzz at Money20/20 Europe felt different this year. A pragmatic, “back to basics” focus on core products has replaced last year’s relentless AI push. This industry-wide reality check is perfectly mirrored inside one of Europe’s largest banks, ING.
Over the past year, ING has shifted from broad experiments with Generative AI to a sharp focus on tangible customer outcomes. We spoke with Bahadir Yilmaz, ING‘s Chief Analytics Officer. He leads a 500-strong team dedicated to AI and advanced analytics. We wanted to understand what they’ve learned and where the banking giant goes next.
From Broad Hype to Real Value
“Last year, I shared that AI is something not to ignore, but we had many unknowns,” Yilmaz began. “Now, we are ending that experimental phase with a lot of learnings.”
The key takeaway is clear. “The conversation is no longer about if AI works,” he continued. “It’s about understanding where it works and, more importantly, where it matters to the client.”
The bank’s initial tests covered a wide range of functions. These included KYC, anti-money laundering operations, contact centres, wholesale banking, and software engineering. This work revealed a crucial lesson about the difference between productivity and value.
“Whenever you have a productivity value-add that touches the clients, they really love it,” Yilmaz explained. “They don’t mind if there is AI or a human behind the scenes. They just need to see the result.”
In contrast, applications lacking a direct customer benefit saw poor results. For example, AI-generated marketing emails failed to deliver. “Nobody wants to reply to an AI-generated mail,” he stated bluntly. “They want an email sent by a person that is tailored to them.”
A New Strategic Focus
This clear feedback has led ING to pivot its strategy. For the rest of the year, the bank will channel its resources into three priority areas. These are areas where its deep domain expertise, amplified by AI, can deliver a superior customer experience.
- Mortgages: “We are the biggest mortgage producer in Europe,” Yilmaz said. “Nobody knows mortgages better than us. We’re going to transfer that knowledge into AI-powered mortgages to provide a better experience.”
- Investment Advice: The goal is to make ING’s advice more accessible and personalized. This meets customer demands for on-demand insights without replacing the essential element of human trust.
- 24/7 Voice Agents: ING is developing intelligent voice agents to improve accessibility. These agents will provide round-the-clock service and handle common customer queries effectively.
An Industry-Wide Reality Check
This strategic shift highlights a new maturity in the industry’s approach to AI. Practical realities have tempered the initial excitement. Yilmaz noted that the “AI skeptics” within the bank now see the technology’s potential. This has led to a surge in internal demand to solve real business problems.
“The industry has come back to fundamentals,” Yilmaz concluded. “Clients want products that work. Whether AI powers those products is not the first question they ask. Everything we do is based on what our clients expect from us. If it doesn’t support the client outcome, we don’t prioritize it.”
For other financial institutions and fintechs, ING’s journey offers a clear lesson. The greatest returns will not come from chasing hype. They will come from methodically applying technology to improve the core services that customers depend on every day.
