A bit of Google may very well restore ING’s flagging fortunes. The excitement over ING’s plans to use customer data for advertising purposes is a little over the top, writes Errol Keyner.

ING has spotted a potential earner. Information about money transactions made by customers is a wonderful resource for companies eager to adapt their promotional activities as well as possible to the target audience.

The fact that a bank wants to play Google is understandable. Clever data collecting has turned Google into the most powerful company in the world. It has turned the world of advertising on its head and revenue is running into billions of dollars, leaving behind any company making physical products.

ING is at the other end of the earning spectrum. Bound by some very strict rules, banks are unable to take great risks and have to hold more equity – and rightly so. Banks are confused as to where to find opportunities for growth. Survival is the best some can hope for.

A bit of Google could bring these banks back to life and make them profitable again.

Privacy

In spite of this, nobody had a good thing to say about ING. How dare a bank even contemplate flogging customer data? Does it even know the word privacy? And shouldn’t this particular bank be a little more modest and client-friendly after all the trouble the sector has caused?

What a palaver. I’m perfectly certain ING will try to abide by the law, including the law on privacy. The bank will have to ask permission from its customers before transferring any data to a third party.

If ING asks me, I will say yes, but only if the bank gives me something in return. I don’t think the pleasure of having companies bombard me with ‘offers I can’t refuse’ will cut it, so some remuneration (from ING) would be in order.

That is my personal choice. Who are all these angry people who want to take away this freedom of choice, not only from an enterprising ING but me as well?

Errol Keynor is deputy director at Dutch shareholders’ association VEB. He wrote this column in a private capacity.

This column appeared earlier on business site Z24