ING Direct's new chief executive Vaughn Richtor believes the bank still has a competitive advantage in the Australian market, even though many other financial institutions have moved onto its turf in recent years."We have a very simple business model and we can move more quickly," said Richtor, who spoke at an American Chamber of Commerce lunch in Sydney yesterday.ING Direct made its mark in the local market in the mid-1990s with a high-yield savings products, Savings Maximiser. The branchless bank had low overheads and could offer a high rate and no fees.Since then it has grown to be number five in home loans and several years ago launched a very competitive transaction account.Richtor ran the local bank in its early days, before moving on for a stint in Asia.He said it was time for another "reinvention" of financial services, where the "intimacy" of service that used to be provided in branches of offered in the virtual world.He will soon have an opportunity to demonstrate what this might involve. Next month the bank will launch a superannuation fund - its entry into that market. In response to a question about whether ING was looking to sell its Australian banking business, he said the group's chairman has recently given his support to the Australian business, saying it was an important contributor to the group. Richtor said: "We have to perform. The Australian business continues to perform very well."