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Bank breaks into superannuation space

by Staff Reporter7 minute read

Staff Reporter

One of Australia’s biggest non-major banks has announced it will soon enter the superannuation market.

Earlier today, ING DIRECT revealed its plans to launch a retail product which will focus on value and online functionality.

“We see a real gap in the market where we can apply the ING DIRECT principles of value, fairness and online control to what are a complex and little understood products,” ING DIRECT’s chief operating officer Anne Myers said.

The ING DIRECT Financial Wellbeing Index, out today, shows 74 per cent of people don’t know how their superannuation is invested.

“Not only do people not know where their money is invested, but satisfaction with their current fund is at its lowest in eight years,” Ms Myers said.

“Our customers have been asking us if we can do for super what we’ve done in savings, home loans and transactional banking, so we are developing a retail product that gives customers value and puts their investments back in their control.”

The product will be officially launched in mid-August and will initially be available through the bank’s retail channel only.

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