ING Bank is streamlining lending processes and client communication with agentic AI. 

The Netherlands-based bank rolled out an agentic mortgages tool in the second quarter that helps consumers apply for a mortgage and submit documents while the bank conducts KYC and other credit decisioning checks digitally, Chief Executive Steven van Rijswijk said during today’s Q2 earnings call. 

The tool is already shortening processing times significantly, he said.

For fully digital, straight-through mortgage processing in select markets, such as Germany, approvals for existing ING clients can be processed in as little as 30 minutes, he said. For more complex cases, the tool has reduced time-to-yes to five days from seven days. 

“It’s both more revenues because you can help clients faster, and cost avoidance because you do not need more people for it,” van Rijswijk said. 

The $1.2 trillion bank also launched a conversational banking pilot with agentic capabilities to approximately 17 million customers during the quarter, according to the company’s earnings report. The tool, a personal agent for clients, helps them meet their financial goals. 

SoFi, similarly, released SoFi Coach, a consumer-facing gen AI assistant that helps people on their financial journey and has logged 500,000 chats since its launch on June 2, according to the company’s Q2 earnings report on July 29. 

In Q2, ING reported: 

• Total income of 6.3 billion euros ($7.2 billion), up 10.2% year over year; 

• Operating expenses of $3.4 billion, up 2% YoY; and 

• Headcount of 60,000, down 1% YoY. 

Editor’s note: All amounts have been converted to U.S. dollars.  

Register here for the FinAi Lending Summit, set for Oct. 7-8 in Las Vegas. This inaugural event will include speakers from Fifth Third, Chase and Capital One, as well as a fireside chat with Piermont Bank founder and Chief Executive Wendy Cai-Lee.