The Bankwatch

Tracking the consumer evolution of financial services

New bank based on three principles | ally from GMAC

Interesting to see some new and potentially innovative banking news come out finally.  Here is a new offerring from GMAC that is essentially a direct bank with a nice simple value proposition.  The offerring is deposit based.

Oddly enough, when I went to ingdirect to compare rates, I could not even locate the rates on a site that has become very complex somehow.

Ally Bank may have a winner in focussing on their three principles that will resonate with most consumers, and it is backed by the reputation of GMAC.

“The brand is founded on three principles:

  1. Talking straight,
  2. doing what is right for the customer, and
  3. being obviously better than the competition,”

said Sanjay Gupta, chief marketing officer.  “It is a promise from our company to our customers.  We believe that being direct and honest is the best way to build lasting customer relationships.” Gupta added, “Given the recent financial market turmoil, people are looking for a safe, honest and efficient place to save and grow their money.

The company developed the Ally brand following extensive conversations with customers who clearly expressed the need for a trusted bank partner.  “The name Ally aptly fit the character of the brand,” Gupta said.

Today, the company launched a new Website,, along with its new 24-hour customer call line, 1-877-247-ALLY (1-877-247-2559).   Depositors can open bank accounts online, by phone or by mail.

Incidentally I noticed GMAC were beneficiaries of the SCAP support, and I wonder if this new offerring is in some way related to a change in focus or business model, related to deposit gathering.

Written by Colin Henderson

May 15, 2009 at 21:33

Posted in Innovation

Tagged with , , , ,

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