Awards for Excellence 2017
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In less than 10 years, Ally Financial has transformed itself from an auto finance company into the fastest growing digital financial services provider in the US. Over the year, it made further strides on that journey and wins Euromoney’s award for best digital bank in North America.
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Jeff Brown, |
The end of 2016 saw the launch of AllyHome, propelling the firm into the largest consumer asset class – mortgages. The bank also entered wealth management this year with the acquisition and integration of TradeKing (now branded Ally Invest). Whether it is an auto loan, a mortgage, stock purchases or a deposit or savings account, Ally Bank is doing it all – and doing it online.
That diversification is showing no signs of slowing. CEO Jeff Brown says: “Over the next couple of years, we expect to demonstrate our ability to grow and diversify in a responsible, capital-efficient way to further improve profitability.”
Much of that growth relies on customer experience and Ally’s motto is to “tirelessly innovate” yet the bank provides a vital lesson in fintech – that customers do not need a plethora of apps that they will not use, or flashy interfaces.
What they want is usability. That is particularly the case with millennials, who often prefer to do all their banking from their mobile phones and who are looking for compatibility with a range of operating systems and mobile wallet payment options – all of which Ally provides. All accounts can be set up on a phone within minutes and documents can be accessed on a phone.
That explains why the first quarter was a record one in deposit gathering, taking the bank’s deposits to $84 billion. Furthermore, all services and products focus on being transparent and cost-effective. Ally Invest fees are among the lowest in the industry, checking deposits come with no monthly charge and savings yields are higher than most of its competitors.
