Nov 1

Saving made easier, yet…

posted 9:22 AM Nov 1, 2012 by SuperStarSaver under Savings


November is financial literacy month in Canada – a great initiative by a group of non-profit organizations that raises awareness of the need for financial literacy, or as I like to call it, financial wellbeing.

“Education is the most powerful weapon which you can use to change the world” said Nelson Mandela. So how about changing our individual worlds? You know, our health, careers, relationships and our financial future.

Why is it that very few of us take the initiative to help ourselves? Sure, government, schools, banks, parents can all contribute to our knowledge, but unless we independently take the first step toward bettering our future, I’m afraid we won’t make a dent in improving our worlds.

It all starts with education. The basic understanding of how something works so we can be equipped to decide for or against something. Like Tax Free Savings Accounts (TFSA).

There are not many financial goals in life more important than saving for our retirement. Yet, four years since they first became available, we find 52% of Canadians still have not opened a TFSA. Which I find quite perplexing.

TFSAs have significant benefits versus other registered products. They provide tremendous flexibility to work toward short or long-term goals, provide easier access to funds without penalty and allow us to put as little or as much as we can into our future. It is one of the easiest financial products Canadians can invest in! So why aren’t we taking advantage of it?

There is some good news here. 63% of those surveyed who do have a TFSA have not made any withdrawals from the account. All it takes is the first simple step to take control of our saving behaviours. Like many other goals, each step after the first gets easier.

If you’re one of the 53% who don’t fully understand how the TFSA works there are options for you. You can check the Government of Canada Information Page, or take a look at ING DIRECT’s top 10 things to know about the Tax-Free Savings Account. You can also learn about the activities taking place around Financial Literacy Month and participate!

I have no doubt that we all find it difficult at times to set aside savings when we have numerous bills and obligations to take care of, vacations to plan, the latest TV to buy… Especially as we are ramping up to the onslaught of ‘best deals’ for Holiday shopping.

Research tells us that 53% of Canadians have said that “not having the money to contribute” is the main reason why we haven’t yet opened a TFSA. But any amount, be it large or small, does make a difference. It’s easy to set up automatic savings plans, anywhere you bank! Set it and forget it. It’s that simple.

My advice is not radical. There’s really no secret to saving. It’s the same as saving for any other goal, financial or otherwise. Getting started is the beginning and doing it routinely and automatically is the recipe for success. Making small dents over a long time is the best we can do to create a better world for each of us, our families and our Country.

I will leave you with this thought by Jim Rohn: “If someone is going down the wrong road, he doesn’t need motivation to speed him up. What he needs is education to turn him around.” There’s only so much hand holding that governments or businesses can do to set us up for success. It’s time to get ourselves on the right road!

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Oct 15

Why innovation is a big deal.

posted 7:00 AM Oct 15, 2012 by SuperStarSaver under Savings


Here’s what I know for sure. Change is constant. Businesses grow, or shrink. And we all evolve. So you have two choices: You can sit and watch the transformation happen, or you can be an active participant. Alan Kay said it well, “The best way to predict the future is to invent it.”

I’ve always been fascinated by innovation. Consider Google, Netflix, Apple or taxi company Hailo and how each has revolutionized their respective industries. Do you ever wonder why Blockbuster didn’t invent Netflix? I do. I doubt that it’s because of a lack of ideas. But I’m certain that a number of businesses don’t fully comprehend that success today does not mean success tomorrow.

Innovative businesses are those nimble and courageous enough to drop old strategies and adopt new ones. There’s no question that innovation can be a real challenge, but without it you will be left behind. If you’re not coming up with the next big thing (or many small things), your competitors are, and faster than you can blink.

So how do you find the next big thing? You listen. You observe. You try. You fail. You adjust. You try again.

“To have a great idea, have a lot of them.” Thomas Edison was right. Ideas are everywhere, and you don’t have to look any further than your immediate stakeholders – your employees and your customers. Out of 10 ideas, whether gigantic or small, one may be key in either enhancing an existing product, transforming your business or potentially an industry.

Our employees at ING DIRECT share their ideas in an internal forum we call Orange Spark. It’s open for suggestions about products and processes, and employees vote on which ideas they think are of value. Orange Spark has been instrumental in idea generation and fine-tuning new products and services and how we do things.

Since simplifying banking for Canadians is our purpose at ING DIRECT, we take our customers’ feedback seriously – which is why we are the first company in Canada to offer customers the ability to deposit cheques using their iPhone from home! Our customers have shared the obstacles they experience in depositing cheques with us. So with the help of technology, Canadians will now be able to safely take a picture of their cheques using the Cheque-In feature on their iPhone app to make a deposit remotely.

Innovation is a big deal. Lately, it is even the currency for business success, particularly in the transformative world we live in today. If you’re not igniting the innovation spark in your organization, what’s the alternative? Do nothing? I think you know what happens to those businesses.

If there’s a magic formula that will produce breakthrough solutions, every employee in your organization should want to find it. But quite often, businesses get in their own way. Here are a few suggestions and tips for what you can do to cultivate a culture of innovation in your organization.

 Remove the hierarchy obstacle. In other words, foster autonomy. The best ideas come from those closest to customers, and traditionally executives are furthest away. Let others hold the keys to decision-making and allow for cross-functional roles to ensure a well-rounded view of industry and customer needs.

Let mistakes happen. Be comfortable with the mistakes, because failure is an important lesson. It helps modify and adjust ideas and reassess objectives. But don’t fail too often because you risk losing your confidence. Simplify the strategy as much as possible. Involve more people early. Make incremental changes.

Allow time for adoption. Comfort around change is not expected. You may experience backlash, particularly if the innovation involves behaviour change, but human beings do adapt. In the words of Steve Jobs “People don’t know what they want until you show it to them.”

 Balance speed and thoughtfulness. Getting something done is good. Getting it done right is better. You shouldn’t need 18 months to execute a new strategy, but you do want to be mindful of making hasty decisions. Don’t let speed cost you a great idea. Fight for quality.

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Sep 20

Exceptional customer service is not complicated.

posted 7:00 AM Sep 20, 2012 by SuperStarSaver under Culture


Some of us have forgotten that what customers really need is service. Simple, great service. A need met, perhaps anticipated, and hopefully exceeded. That is what I believe businesses should consider putting at the top of their priority lists. The simple understanding – particularly for those of us in the service industry – that customer service is about recognizing the basic needs of people, your customers.

Customer service isn’t a strategy. And it certainly is not the sole responsibility of customer facing employees. That includes call centres, operations associates, social media teams and in our case at ING DIRECT, cafes. At the very core, customer service and the experience a customer gets must be a part of the “why” of an organization – and fundamental to its DNA, values and culture. If this is so, then it will filter through all areas of the business and right through to the customer.

As a customer, have you ever been on the receiving end of a disappointing phone call, email or in person visit? We all have. So we know the difference between great and terrible customer service. In many ways we are all experts in this area and this is what I remind all of our employees at ING DIRECT. To have the courage to really listen, to empathize, to make exceptions and especially, to learn – that is what people remember.

So we keep it simple. No scripts. No fancy talk or words people don’t understand. Just associates empowered to genuinely listen to the needs of the customer and provide simple solutions. This also means simple products, easy access to online and mobile platforms and great design. Those are the elements that create a climate where great experiences can happen.

We developed a program for employees who interact with internal and external customers called ‘deliver the wow’. It teaches problem-solving strategies for complex client situations and it imparts insight on how to surpass customer expectations and build long-term loyalty within and outside of the organization. We believe it’s about the customer service experience, from the inside out.

There is little customers talk about more than a pleasant surprise. I know this when I find myself on a call with a customer, or tweeting them back or answering their emails in the evening or on the weekend. It’s a simple thing to do, to acknowledge someone’s concern or question and find ways to help. Those are the interactions – whether you’re a CEO or not – that build enviable brand loyalty.

I’ve been particularly proud of our team in the area of customer service, which is why I was thrilled that JD Power independently reviewed and ranked ING DIRECT as having the highest in customer satisfaction with retail banks in Canada in our segment. It’s a true testament to the magic our culture has which seeps into our products, experience and customer interactions.

Exceptional customer service doesn’t need to be complicated. Here are some insights that have helped ING DIRECT become truly customer-centric:

Empower employees and get out of the way. Once you’ve defined values and aligned employees, distribute power, get out of the way and allow for mistakes to happen.

Involve the customer. Nothing fuels innovation more than having customers involved in defining solutions. Ask for feedback. Get them involved and adapt your products accordingly.

 Keep things simple. Remove all jargon, complexity and confusion. Customers love experiences filled with ease, great design and efficiency.

Remember that we are all human beings. People want to be heard. So be real. Listen. Learn. No two customers are alike.

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Sep 4

A look forward

posted 3:22 PM Sep 4, 2012 by Peter Aceto under Culture, Leadership


As you now know, ING Group reached an agreement to sell ING DIRECT Canada to Scotiabank. You can read the official press  release or watch my interview with BNN for more information.

It has been fascinating to go through this process for the last few months. With so much to consider, of most importance to me, has been the effect this has on our employees and our customers. I have always believed that change is most often a good thing. But I’m aware that change can certainly be frightening for some.

15 years ago, ING DIRECT set out to challenge the way Canadians think about banking and show with action and advocacy the role a bank can play in society. We set out to help Canadians live better lives by providing a different way of banking that would allow us to offer great value for their hard-earned money and a level of service that had not been delivered before. We built a team and a culture that would allow this to continue day after day, month after month and year after year.

That’s the essence that makes ING DIRECT so special, and it has certainly left a mark on a great many Canadians and our impact is increasing daily. We know this because our loyal customers tell us every day – and Scotiabank knows that too. That’s why they have committed to preserving everything that our employees and customers have come to love about ING DIRECT.

I have had the opportunity to have several lengthy discussions with Scotiabank’s senior leadership who clearly indicate that ING DIRECT will operate separately, as a wholly-owned subsidiary, as we do today. Imagine, exchanging one shareholder for another – a swap, one ING Group for one Scotiabank. We will continue to deliver what Canadians have come to expect from us: excellent service, simple, transparent and innovative products, and great value. Same promise as before.

Because ING Group is a global bank, they don’t want anyone else using their name. Other than Donald Trump and Richard Branson’s Virgin name, few companies make a business out of licensing out their name. So, in 18 months our name will need to change. So will our logo. And in as much as I love the color orange, I always had another secret favourite, purple! My point is, it really doesn’t matter what our name is. Ok, it matters to some degree, but what really matters is that we understand what customers want by listening to them, that when we make promises to customers, that we deliver on them. This is what we plan to continue to do and with Scotiabank standing behind us, we think there is a great opportunity to spread the word faster among Canadians and offer a few more ‘orange’ products and features that Canadians have been asking for.

All of the ING DIRECT employees are passionate about what we have been doing for the past 15 years and the team is excited to continue driving the ‘orange’ program forward. When the sale is completed (it is subject to regulatory approvals), the ball will be in the hands of Scotiabank. They however have been quite clear that ING DIRECT won’t change a bit. You will really appreciate this advertisement to all of our customers from Scotiabank which clearly demonstrates how they would like to proceed.

It would be foolish to change a business model that has worked exceptionally well for 15 years and is particularly well suited for the way Canadians will do much of their banking in the future. We are looking forward to what we can provide our customers and our employees now and in the future, to innovate and build on our strengths, while being owned by a strong Canadian parent company that is committed to maintaining what has made ING DIRECT special.

Today is a very exciting day. It’s a day to look forward and to embark on the next chapter of a very exciting future for everyone who has come to love ING DIRECT. Change has an unfavourable reputation at times. But it shouldn’t. Change is necessary, to keep us moving, to keep us growing and to keep us inspired.

Thank you all for your support, always.

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Aug 22

Breaking down the CEO stereotype

posted 7:00 AM Aug 22, 2012 by Peter Aceto under Culture, Leadership


When you hear of CEOs, you’re probably inclined to think of perks and corner offices. You might also consider the adjectives “greedy, aloof, and egocentric”. While in some cases this is warranted, I wonder about how much we like to glorify the role of a CEO.

For centuries we have been intrigued by the idea of power. We see the stereotype portrayed in bestselling books and movies. And countless studies have certainly supported the belief that people in power are created equal. In fact, I just recently tweeted a fascinating infographic about the anatomy of a CEO. Apparently male CEOs are likely to be called Peter, Bob or Jack. Well, thanks mom for the foresight!

Winston Churchill said: the price of greatness is responsibility. That is what I believe is the true essence of a CEO – the responsibility to your employees, customers, community and shareholders. Yes of course, being a CEO gives you the platform to affect change, to make something happen that you otherwise didn’t have the ‘power’ to do before. But it is the responsibility that is of most value. Nothing is pre-conceived and there is in fact a long road to earning that responsibility.

On my very first day as the CEO of ING DIRECT in Canada, I decided to walk around and say hi to everyone. On that day I was wearing a pair of skull and cross bones orange cufflinks, which I thought were very cool, however the reaction I received from a particular colleague, was an eye opener. “Are you here to rape and pillage everyone?” she said. Those were her exact words. Almost five years later, we both still laugh about that encounter. I appreciated her honesty, but I quickly realized that no matter your personality, or fashion sense, people’s natural reaction to the presence of a CEO is often anxiety.

Striking fear was not the way I wanted to lead. So what became of most importance to me was building trust. And of course breaking down the stereotypes. I do not have an office nor does anyone else in our company. There are no walls and anyone can pass by and say hello. I often sit in the call center and take customer calls, I park where there is a spot available and I really enjoy having lunch with whomever is in the cafeteria.

At the office, we are all associates. We lead without titles – in fact you won’t find titles on our business cards. We have fostered a culture that mirrors who we are as a business. How we act on the outside, is exactly who we are on the inside. We are transparent, honest, and approachable and we speak in a language that people can understand. This, in my opinion, is the future of business.

A year into my new role, the fact remained that our employees did not choose me. Being appointed the CEO by a board of directors or shareholder does not make you a leader, but leading is a CEO’s primary responsibility. I wasn’t interested in the glorification of the title – I wanted to be of service and be an agent of change. With my personal values guiding me, I was prepared to leave my position if our employees weren’t inspired by my leadership. So I sent a company-wide email letting employees know that it was now their turn to choose and that I would only stay if they wanted me to. And so they voted!

It was a very important moment for our culture. It solidified my relationship with our employees and inspired me to pursue the type of leadership I believed in. I felt empowered and fueled by the confidence that I had now earned the trust of my colleagues.

Trust plays a crucial role in the success of a business. And Stephen M.R. Covey believed this. He wrote a book called Smart Trust to highlight how leading companies that have built high-trust relationships with their employees and customers, consistently outperformed non high-trust companies up to three times. It was a wonderful compliment to be included in the book, and exceptionally important that he wrote it.

The typical stereotype of a CEO will continue to make headlines. But as the world changes we need to document better examples and inspire other leaders to take themselves off the pedestals, break down the barriers and tip the scale in the other direction. Whether CEOs are born or made has little significance. It is my firm belief that you are measured by the responsibility, honesty and integrity in which you lead.

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