One of the biggest drivers for differentiation in the banking customer experience has been, and continues to be, convenience. Banking isn’t something that customers necessarily like to do; it’s something they’re forced to do if they want to keep their finances in order. Because of this, many banking customers are simply looking for the quickest, easiest, and least painful way to complete their banking experience.
Ally Bank has noted this desire for simpler banking solutions, and announced a new series of initiatives on Thursday that reflects its drive to deliver a stellar customer experience.
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.
“The latest initiatives were designed to improve the experience for our more than one million bank customers by providing enhanced optionality in an intuitive, convenient and easy-to-use manner," said Diane Morais, chief executive officer and president of the Ally Bank subsidiary.
One of these enhancements, CD (certificate of deposit) online management, gives users complete control of their money from anywhere they happen to be. Once launched, users will be able to manage all non-IRA CDs from Ally Online Banking. This sort of mobile convenience is something that will drive loyalty when customers are looking for an easy and accessible way to access and adjust their finances.
In a small but significant change, the bank has also extended the deadline for submitting requests to the company’s Bill Pay feature has been extended from 7:30 p.m. to 11 p.m. ET. Not only will this slightly ease deadline pressure off of customers, it’ll also hugely benefit users on the West Coast, whose workday was in direct conflict with the 4:30 p.m. cut off time.
The bank’s online experience has also been enhanced to include things like wire transfer requests and the ability to view statements and tax forms for up to seven years.
The theme of Ally’s new customer experience initiatives is convenience and simplicity. Customer expectations in the banking industry include being offered the most intuitive and accessible tools for any given process. With these new enhancements, Ally Bank hopes to rise above the crowded financial sector and give its customers a banking experience unlike any other.