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A Battle of Mobile Banking Apps

This perspective focuses on comparing the mobile banking applications of ING Business and Revolut in Romania, as experienced by a user. It is based solely on personal experience and does not reflect any insider information from either ING or Revolut. The aim is to examine how effectively each app delivers desired outcomes to customers in the competitive financial services market in Romania.

I believe that one of the key differentiators between Revolut and ING Business is their approach to innovation. Revolut has been able to quickly adapt to changes in the market and customer behaviour, such as the shift brought about by the Covid-19 pandemic. On the other hand, ING Business mobile app seems to be focused on providing traditional banking services, rather than delivering more desired outcomes to its customers.

In the case of Revolut, all transactions and operations can be done online, providing convenience and ease of use, while ING Business may require physical visits to the bank's office in certain situations. Revolut's app has a user-friendly interface, with easy navigation and a wide range of features that cater to customer needs and preferences, compared to ING Business app, which falls short in delivering a seamless user experience.

ING Business mobile app is likely focused on providing customers with access to traditional banking services, such as checking account balances, transferring funds, and paying bills. While these services are important to many customers, they may not necessarily be the most desired outcomes. For instance, a customer might want prompt and effortless access to their banking information, or the ability to transfer money swiftly without incurring high transaction fees or terrible exchange rates.

On the other hand, Revolut is focused on delivering a wider range of financial services that cater to customers' needs beyond traditional banking. For instance, Revolut provides access to multiple currencies, including crypto currencies, as well as real-time money transfer and spend tracking features. In addition, Revolut offers a range of other services, including travel insurance, cash-back rewards, and more, which are all aimed at delivering more desired outcomes to its customers.

When it comes to delivering desired outcomes to customers, Revolut has a clear advantage over ING Business. Revolut's app has received higher rating in the Appstore, reflecting the high level of customer satisfaction with its wide range of features and benefits that cater to the needs of businesses.

The opportunity cost of not being customer-centric for an established incumbent like ING is significant. I believe they risk losing market share to more innovative competitors, like Revolut, who are better able to deliver desired outcomes to their customers. To stay ahead of the competition and defend their position in the market, companies like ING need to trigger their innovation strategy in a customer-centric way. Adopting a proactive approach and innovating with the help of tools like Jobs-to-be-Done and Outcome-Driven Innovation can help established incumbents in breaking through the clutter and continue to deliver desired outcomes to their corporate customers.

In conclusion, companies in the financial services market in Romania must identify, prioritize and deliver desired outcomes to their customers in order to stay ahead of the competition and fight disruptors. By comparing ING Business and Revolut, it becomes evident that a customer-centric approach to innovation is critical to success.


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