ING is changing its approach to innovation by bringing initiatives closer to the business.

The bank said the move forms part its strategy to focus on customer experience and sustainability.

The organisation’s core business innovation schemes are to be transferred to the businesses and functions, spun out to the market, or discontinued when no alternative is available, it explained.

It also plans to combine its innovation arm, ING Neo, with its corporate strategy team.

The multinational banking group said that it will launch a strategy and innovation department next year, focussing on identifying disruptive solutions concentrating on a select number of "high-potential, high impact initiatives".

“To keep meeting – and exceeding – customer expectations in a fast-moving competitive environment, we have to stay on top of emerging trends and technologies and identify opportunities with the potential to have a real impact,” said Steven van Rijswijk, chief executive of ING. “The best way to achieve this is by sharpening our focus on a selected few promising initiatives and letting more of the core business innovation activities take place in our businesses, as close as we can to where we make a difference for our customers.”

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