With the advent of open banking ING says they see themselves more as an intermediary within a financial services marketplace; the Dutch based bank owns 65 percent of open banking activity in the UK through their personal financial management app Yolt; the bank is amongst the first to fully embrace open banking, most others are essentially being forced to change; “We believe that only a few players will survive in a world where the winner takes it all, so you have to be amongst the first and get critical mass as fast as possible to outplay the competition,” Benoit LeGrand, CIO at ING, said to American Banker. “The bigger you are, the better you are at attracting partners.”; the bank receives a referral fee from partners and have struck deals with pensions, insurers and power companies. Source.