MIDVALE, Utah, May 22, 2014 /PRNewswire/ -- Fueled by its customer-centric philosophy, transparent approach and the ease of online banking, Ally Bank, the leading direct banking subsidiary of Ally Financial, marks its fifth anniversary this month with double-digit growth, high customer retention and strong awareness of the Ally brand.
Ally Bank has grown retail deposits from $12.3 billion as of brand launch on May 14, 2009, to $45.5 billion on May 14, 2014, representing an annual growth rate of 30 percent. In addition, the Bank has seen consistent growth in new deposit customers to more than 836,000 presently, representing an annual growth rate of 30 percent.
"In 2009, we embarked on a mission to build a better bank by providing a straightforward, 'no surprises' banking experience for our customers," said Barbara Yastine, chair, chief executive officer and president of Ally Bank. "We are guided by a simple, yet compelling principle: be an 'ally' to the customer by making it rewarding - and convenient - for them to do business with Ally Bank."
As an online bank, Ally doesn't have branches, avoiding the costly overhead associated with maintaining a branch network and allowing it to focus its resources on leading deposit products, service and technology. The Bank offers consumers a full range of FDIC-insured deposit products, with competitive rates and no monthly maintenance fees or minimum deposit requirements, as well as daily compounded interest.
Ally has also benefitted from shifting trends in consumer behavior toward online banking solutions. Consumers have become accustomed to the flexibility and convenience of online and mobile banking services that allow them to make deposits, pay bills, transfer funds and much more, without having to make a trip to the bank.
"A priority for Ally Bank is to find ways to help customers accomplish their savings goals and build a security cushion for the future," said Diane Morais, Ally Bank deposits and line of business integration executive. "In addition to competitive rates and minimal fees, we have continued to expand the list of features and services our customers can conduct online to make it easier for them to contribute to their savings."
Ally provides 24/7 customer service through its award-winning call center, with customers waiting only 20 seconds on average to speak to a Bank representative when inquiring about their accounts. Customers rate Ally deposit products 4.4 stars or higher out of a potential 5 stars, indicating a high degree of satisfaction with the overall product portfolio. Ally Bank's customer satisfaction and retention levels consistently average above 90 percent.
Five years since its launch, nearly half of consumers polled are familiar with the Ally Bank brand. Ally has also been recognized by a number of independent organizations, including being named "Best Online Bank" by MONEY® Magazine three years in a row.
About Ally Bank
Ally Bank is a direct bank in the U.S. that offers a straightforward approach to banking with no minimum deposit required to open an account, no monthly maintenance fees and 24/7 live customer service. A subsidiary of Ally Financial Inc., the Bank offers online savings, interest checking, money market accounts, certificates of deposit with terms ranging from three months to five years, and IRA Plans and products. Member FDIC.
SOURCE Ally Financial