The Bank has appointed Benoit Legrand as its new head of FinTech, a newly-created role.
Mr. Legrand will be responsible for creating and implementing ING’s strategy on new financial technology.
His appointment evinces the change in attitude of traditional financial institutions towards financial technology. Since the sector started gaining traction with the mainstream consumers, more and more FIs decided it was best to get in front of the innovation and start exploring their own fintech capabilities.
Visa Europe has its own incubator, the Visa Europe Collab. Many others such as MasterCard and Barclays have also been developing strategies on how to use the rise of FinTech to their advantage.
However, it appears that the ING Group is the first organisation to actually appointing a senior executive to be its point-man for the FinTech sector.
FinTech innovation has now become one of the crucial elements of the bank’s Think Forward Strategy.
Mr. Legrand is currently the CEO of ING France and will start his new role within the chief innovation office on 1st October and will report to Brunon Bartkiewicz, chief innovation officer of ING.
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