Old School Mentality Meets New School Banking
A news story about ING Direct was shown on ABC's Nightline last night. They interview the CEO of ING Direct, Arkadi Kuhlmann, who is known for his straight forward way of doing business and keeping things simple. To read the story or view the video clip, CLICK HERE. If you don't have time to read it, here are some amazing statistics about ING Direct.1) Roughly 100,000 new members sign up with them each month.
2) 93% of their employees enjoy working there.
3) They have sold about 70,000 mortgages and only 6 have foreclosed!
If you think you can easily convince ING Direct to provide you with a mortgage, you will have your work cut out for you. This is the main reason why they have such an incredible foreclosure percentage. They simply do not deal with risky borrowers. Times have most definitely changed in the past year and it seems that more and more banks will begin to follow this simple and effective strategy.
I do not find it surprising that the CEO of an internet savings bank is telling people they should save more money, but it will be interesting to see how people's mentality over credit will change in the future.
Labels: foreclosure, ING Direct, mortgage crisis, Nightline
