Description: The article is about ally bank login. Ally Bank continues to diversify its business, they are expanding beyond its original portfolio of auto loans. They have launched a credit card in June, they have purchased an online wealth management company.
Many bank branches are closed this Columbus Day, perhaps it’s a good opportunity to focus on the growth of online banking. You were one of the pioneers in online banking, how much growth is possible in branchless banking? That’s a great question, we’ve been pioneers dating back to 2009 when we launched Ally bank.
Customers are adopting online banking at record numbers. Ally currently serves nearly 1.1 million consumers, the number continues to grow week after week year after year. The beauty of the online model is that we don’t have to use expensive branches. We’re able to translate that savings in the form of better interest rates and lower fees for consumers, they appreciate the fact that their money can work much harder when they put it with Ally.
Is there still a role left for the traditional banks? Are people still want to go in banks and talk to somebody face-to-face? The role of the traditional bank is continuing to shift, more and more people are comfortable interacting with an online-only bank, there are very little things that you need a traditional bank to do for you.
The only thing that you can’t do at Ally is to send us cash, most customers don’t want to do that. We’ve been able to marry great digital experience with a human component for people who want to talk to us, that is the reaction that customers appreciate.They don’t want to stand in line to talk to someone face to face.
You’ve been diversifying your business away from the auto loan business, are you satisfied with your current product in the portfolio? We are focused on continuing to diversify our businesses. We launched a credit card back in June, we also purchased an online brokerage and wealth management company, we are in the process of integrating that, that’ll be available for consumers starting at the beginning of the year.
We’ll also offer mortgages beginning late fourth quarter of 2016. All of these efforts are absolutely capitalizing on the momentum. We believe that diversification will continue to provide meaningful opportunities for consumers to expand their relationship with ally and continue to drive earnings for our shareholders.
Do you expect to get any customers from Wells Fargo after that scandal? Ally is focusing on the customer. Everything we do from the very first day started with the customer at the center. As we continue to expand our products and services, our philosophy is to communicate with our customers and allow the customer to make the choice on expanding their relationship based on what they see their needs are. Ally has been growing our customer base very consistently.
We expect to continue to see a long runway for growth. What are your expectations once interest rates rise if the Federal Reserve makes another move on December or early next year? What does that do for your earnings? What does it mean for your customers?
We’ve been waiting for that rising rate environment for a long time, from an ally perspective, what we’re going to see is that our loan products will continue to gradually reprice as rates move up. From a deposit perspective, a higher rate environment is great for savers.
We see a real opportunity to continue to grow our deposit portfolio while we continue to emphasize our lending products, that will be good for Ally. We’re in this environment for the foreseeable future.