34 WebVR concepts showcased from 13 countries: the Czech Republic, US, UK, Australia, Canada, Japan, Finland, France, Spain, Russia, India, Belgium and the Netherlands.

About the organisation

ING is a global financial institution with a strong European base, offering banking services to customers in over 40 countries. We draw on our experience and expertise, our commitment to excellent service and our global scale to meet the needs of a broad customer base, comprising individuals, families, small businesses, large corporations, institutions and governments. Our customers are at the heart of what we do.

We believe all sustainable progress is driven by people with the imagination and determination to improve their future and the futures of those around them. We empower people and organisations to realise their own vision for a better future – however modest or grand. Our purpose therefore is: Empowering people to stay a step ahead in life and in business.

Following this purpose we have defined four simple promises (clear and easy, anytime anywhere, empower and keep getting better) that together form the Customer Promise and are part of our strategy.

Our strategy aims to create a differentiating customer experience, enabled by simplifying and streamlining our organization, further striving for operational excellence, enhancing the performance culture within our company and expanding our lending capabilities.

Our strategic priorities are:

  1. Earn the primary relationship
  2. Develop analytics to understand our customers better
  3. Increase the pace of innovation to serve changing customer needs
  4. Think beyond traditional banking to develop new services and business models
 

The ING WebVR hackathon challenge

ING aims at combining the abovementioned strategic priorities into one ING WebVR experience targeting the global ING workforce.

This ING WebVR experience is operationalised into 4 sub categories which correspond with the 4 strategic priorities.

Please click to expand each below for more information:

1. Earn the primary relationship

The Wholesale Banking Business School (WBBS) has a curriculum consisting of several learning programmes. The learning programmes support the WB organisation in achieving its strategic and operational goals, including the development of skill-sets leading to a culture dedicated to excellence, empowerment, collaboration and innovation.

Part of the WBBS curriculum concerns are the so called Intensive banking programmes.

Intensive banking programmes combine knowledge, collaboration and personal leadership skills at various seniority levels underpinning the cooperation between colleagues across all business lines and regions.

During our intensive banking programmes, participants are offered knowledge, collaboration, personal (leadership) skills which culminate into a final assignment on the last training day. The final assignment is normally a dialogue with a ‘client’ (either a Treasurer or a CFO played by a senior leader of ING) for which the participants have to integrate all knowledge and skills they acquired during the training to successfully ‘Earn the primary relationship with the client’.

There are currently two intensive banking programmes and both are titled and have the “Earn the primary relationship with the Treasurer / CFO”.

We would like to see (one of) the two challenged solved with a VR solution:

  • The WBBS noticed that during the final dialogues participants do not really integrate all acquired knowledge and skills into this final assignment. At least they do not showcase this. We believe that a possible VR experience can help in doing this. Can the final assignment be structured in such a way (through VR) that the issue of non-integration of all training components be resolved?

  • Can a VR solution be provided to ‘measure’ or investigate whether the participants have been able to ‘Earn the primary relationship with their clients’ (after a certain period of participation in the training)?

2. Analytics to understand our customers better
  • How can you use WebVR to visualize our quantitative risk analysis for corporate clients?

  • What is the best way to use WebVR for peer analysis?

  • How might we leverage WebVR technology to create a virtual ‘control room’ for finance professionals to check and interact with visualized financial data?

3. Serving changing customer needs
  • Circular economy

    ING supports corporate clients in making the transition towards more sustainable business (models). We do this by financing projects with a specific sustainable target (i.e. in the area of renewable energy, waste mitigation, water management), and by providing financing to companies that are transitioning to more sustainable / circular business models.

    As the concept of sustainability becomes more deeply embedded in the fabric of society and the economy, the notion of the circular economy has started to gain traction

    Core principle behind the circular economy is that we move from “take, make and waste” to “reduce, reuse and recycle”. This requires companies to rethink their entire value chain, from sourcing, to logistics, to production, to sales and after-sales. Going circular can take place in many shapes and forms, by for instance recycling core materials, by extending the life cycle of the product and by moving from product selling to service selling. As a result their business models change which triggers different financial flows and a renewed view on assessing risks and collateral, requiring new financing models.

    If we want to support clients in this transition, particularly in the area of the circular economy, we need to be aware where and how this transition affects processes in the physical and financial supply chain, where many of our transactional banking solutions come into play. And how it affects the companies long term financing structure.

    Why a VR experience?

    We have great experience with simulation games as a learning instrument to confront both staff and clients with complex topics, which involve a lot of interdependencies. Putting the target audience in the driving seat and literally let them experience the implications of their decisions in a “safe” learning environment: Enhacing knowledge, teamplay combined with fun and networking.

    Target audience:

    ING staff: with the purpose of:

    • bringing them up to speed with the concept of circular economy

    • what this means in practice for companies in transition

    • what the implications for financing these companies are.

    Clients (CFO and Treasury of medium and large sized corporates) with the purpose of:

    • bringing them up the speed with the concept of circular economy

    • how this transition affects multiple stakeholders in their organisation and how these roles are interrelated

    • what the implications for finance are

    In practice the VR experience could / should be able to serve both target audiences at the same time (both internal and external. Internal we would apply it as part of an in-house training. External we would apply it a part of a seminar / network event which could also help to generate leads / follow-up discussions on this topic.

  • How can we use WebVR to bring the bank into the customers’ living room?
  • Financial education:

    Given that money is getting digital how might ING Retail NL help parents to teach their children about financial housekeeping so they learn the value of digital money in a fun way so that they make better financial decisions when they are adults and see ING as their partner in financial housekeeping.

    Expected Outcome:
    Digital proposition for children (7-11 years)
    POC / concept of Financial Education

  • How can you optimize FX / Commodity / Rates trading using WebVR?
4. Think beyond traditional banking to develop new services and business models
  • How can you use WebVR to visualize the effects on working capital decisions?

  • Virtual rings and pits – historically (and still for certain commodities) trading was done in rings or in a pit. Virtual trading could recreate these rooms to provide better engagement with counterparties, without the high overheads of a physical location. 

  • Audible execution – can traders use microphones and headphones in virtual reality headsets to execute trades verbally instead of via a mouse?

  • Easier record keeping – currently a lot of trade reconciliation and record keeping is done using 2D excel spreadsheets.  Could virtual reality make this data easier to edit, view and correct?

  • Information overload – traders currently operate with multiple large screens, can virtual reality make it easy to slide data in and out of our visual dashboard

  • Counter-party verification – can virtual reality provide better seals/signatures to ensure security along the trading chain?