Ally Bank is a new entity that's arisen out of the former GMAC. It should have been a chance to doing something very different, but it still looks like old banking.
Here's what they say on their website.
"We are Ally Bank, built on the foundation of GMAC Financial Services. And with that experience we’ve learned that these times demand change and a new way of doing business. So we’re taking banking in a new direction.
We’re a bank that values integrity as much as deposits. A bank that will always be open, accountable, and honest. Yes, honest. We won’t deal in half-truths, kindatruths, or truths only buried in fine print. That’s because we don’t have anything to hide. We’re always going to give it to you straight.
That means no monthly fees, no minimum deposits, and no minimum balances. It means developing new products that give you more options, like our No Penalty CD that lets you withdraw your money if you need to. And it means keeping our promise that our rates will always be among the top. It’s just the right thing to do."
Is this bank really doing anything different, it sounds good, but the promises and products seem fairly standard.
If the financial services industry is going to rebuild its reputation, it's going to need to invest in some serious product development. Without this, it's just going to be a series of hollow promises.
Posted by Ed Cotton
It's therefore refreshing to see Bank of America build on its "Keep The Change" program with "Add it Up"; a program that allows its customers to obtain discounts from online retailers and put those savings directly back into their bank accounts.
It's a great demonstration that BofA understand current consumer needs and is going above and beyond banking as usual to deliver a new service offering.
Posted by Ed Cotton
(1) On the surface, it appears there could be a better time for Virgin to enter the banking sector. A time when the credibility of the established players is at a historic low and with Virgin having a legacy of taking on the established players and offering an alternative.
However, some big questions remain.
1. Does Virgin still have credible challenger DNA?
2. Is Virgin the brand that consumers would trust for their daily banking needs?
3. What's Virgin going to do that's different from banking as usual?
Clearly, Virgin can't rely on it's brand alone and is going to have to provide innovative products and hopefully, a lot of transparency to being a credible offer to this space.
Posted by Ed Cotton
While their competitors might be struggling with what to say, at least Ubank is using the crisis as an opportunity, not only to get attention, but to educate at the same time.
Most bank communication is hyperbole, at least this is reasonably watchable.
Via Adverblog
Posted by Ed Cotton
(1) Via Paul Kedrosky
Posted by Ed Cotton
(1) We are used to banks being slow and unresponsive when it comes to product development and it's therefore great to see Wells responding to real consumer needs and offering something useful to consumers.
Posted by Ed Cotton