MIDVALE, Utah, Sept. 17, 2015 -- Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), today announced it has surpassed the 1 million mark for retail deposit customers. To honor the occasion, Ally Bank has declared the second Monday in October National Online Bank Day to promote awareness of the benefits of online banks.
Formed in May 2009, Ally Bank has been widely recognized for its customer-centric philosophy and straightforward approach to banking. As of the end of August 2015, Ally Bank had $52.9 billion in retail deposits, representing an average annual growth rate of approximately 22 percent since 2009. Customer satisfaction and retention consistently remained above 90 percent.
"Achieving 1 million customers in six short years underscores the strength of our value proposition," said Diane Morais, Ally Bank chief executive officer and president. "Our approach has been to offer consumers a banking experience that includes competitive rates, innovative products and a high level of service, and this strategy has earned recognition as a top pick among online banks and fueled our overall growth."
In naming the second Monday each October National Online Bank Day, Ally Bank outlined the many benefits that have contributed to the growing popularity of online banks, which often channel the money saved by not operating branch locations into more competitive products, service and features. Ally in particular is credited for offering consistently great rates, award-winning 24/7 customer care, no monthly maintenance fees or minimum deposit requirements, and a smart, simple online banking experience on multiple devices.
Customer Recognition and Appreciation
To show its appreciation to customers for allowing it to reach the 1 million mark, the following thank you video was recently sent to customers.
In addition, approximately 2,300 Ally Bank customers were selected at random to receive Amazon gift cards. The number of gift cards correspond to the approximate number of days it took Ally Bank to achieve 1 million customers since its May 2009 inception.
"We are very excited that more than 1 million people are enjoying the benefits of banking with us, and we wanted to do something special for our customers to honor this milestone," Morais explained. "More importantly, we want to emphasize our ongoing focus on enhancing the Ally Bank experience to continue to earn the loyalty of our existing members and attract even more new customers."
Enhancing the Online Banking Experience
In May, Ally launched Ally Assist℠, a virtual assistant technology that allows customers who use mobile banking another way to interact with their bank accounts. The Ally Assist technology enriches the mobile experience by using speech or text interaction to provide customized, in-depth information and analysis of transactions and accounts to create a personalized list of customer insights. It is available to nearly two-thirds of Ally mobile users through the iPhone® mobile banking app, and Ally is one of the first banks to offer this technology.
More recently, Ally notified customers that it was extending Ally eCheck Deposit℠ hours from 4 p.m. to 7 p.m. ET to allow an extra three hours for eCheck deposits during weekdays. The move is designed to give customers more flexibility and convenience in making deposits, especially those located on the West Coast.
Later this month, Ally will introduce an ATM Locator for Apple Watch, which will allow anyone with the device to locate nearby ATM machines. Ally's ATM Locator app now includes terminals in the Allpoint network, which are free of charge to Ally customers. Ally is also enhancing its Bill Pay feature in the coming months to include new functionality, a smarter simpler design and rush delivery options.
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.
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