ING’s tariff bungle has increased its tariffs for 75,000 customers

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The issue was raised at the House Economics Committee by MP Andrew Leigh, who asked for an update on the issue of raising borrowers’ mortgage rates by up to 70 basis points when they checked their bank accounts on april fool’s day.

ING said it fixed the issue for 98.5% of affected customers, but there were 1,150 overdue customers, of which around half still had to be reimbursed.

“Three months after ING’s IT snafu, I am disturbed that it still has not fully compensated all of its customers. Resolving these issues should be a top priority for management, ”said Leigh.

ING’s Ms Evans defended the bank’s approach, saying she put her best staff on the issue and received regular updates from the team on their progress.

“I get a daily email from the remediation team and they report back to me… it’s a good indication of how we are working when we have issues. Instead of solving remediation issues in five or ten years, we immediately put an elite team on it, ”said Ms. Evans.

ING said the remediation process was complicated by the small number of clients who subsequently modified loans by refinancing themselves with another bank or dividing the loans into a fixed and interest-only component.

“It’s not just about sending monetary value to your customers, we actually need to make sure we get their amortization schedule back to where it was,” Ms. Evans said.

The audience also explored the bank’s quick turnaround times for home loan approvals, which were recently timed to an average of four days compared to its bigger rivals, which took up to 20 days.

Ms Evans said having her mortgage operations team ashore gives her a distinct advantage as it allows the bank to add more resources to the workflow as needed.

“That means if that cycle time, or ‘yes time’ starts to exceed three to five days, we can use other team members,” Ms. Evans said.

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