Ally Bank - e-Commerce Customer Service Award
Company: Ally Bank
Company Description: 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, home mortgages and IRA Plans and products. Member FDIC.
Nomination Category: Customer Service & Call Center Awards Achievement Categories
Nomination Sub Category: e-Commerce Customer Service Award
Nomination Title: Ally Lifesavers Webpages
Tell the story about your e-commerce-based customer service initiatives since the beginning of July 2015 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Ally Financial, a leading digital financial services company, debuted a new “Do It Right” brand campaign last September that reflects its focus on doing things right for customers. As part of that philosophy, the company’s award-winning online bank (Ally Bank Member FDIC), introduced a series of tools and content focused on helping consumers establish savings priorities and develop a strategy for their financial health through various life stages.
As background, in September 2016 GOBankingRates surveyed more than 7,000 Americans to uncover that 69% of them had less than $1,000 in their savings account. While there are various theories around the reasons Americans are not saving more, one thing is clear: banks can do more to provide financial education to help customers understand the importance of savings for various life stages and which products are best suited for their situations and goals. It's important to offer a suite of competitive products but we see helping our customers plan for the future as an opportunity to transform our role as their bank from a simple means to save money to a trusted ally helping them reach their financial goals.
Ally’s ‘Saving With Us’ webpages. (ally.com>Bank>Saving With Us), are rooted in its desire to help customers improve their financial well-being. Recognizing that most people know that they need to save and some have even started, we’re providing resources that help consumers really understand how much they should save as they pass through different stages in their lives.
The goal of this functionality is to make it really easy for people to know:
1) How much to save,
2) When they will be done, and
3) The best accounts to help them get there.
For those customers just starting their savings plan, the Starting to Save webpage provides the user a detailed savings budget based on how much they earn a month, current expenses, their goal, and the progress they’ve already made in saving¹. The customer can use this monthly amount to start a recurring transfer to a new online savings account, and save their detailed schedule for savings – again – all personalized for their goals. For example, an emergency fund calculator helps users calculate monthly expenses and determine how much remaining income they should set aside for unexpected costs such as medical bills or car repairs.
For customers in the family-building years, the Saving as a Family webpage considers that consumers might already have their emergency fund, but now have something that’s important to their life to save for². This tool allows users to plan their savings – then we provide details about which savings products they should consider based on what’s important to them. By providing simple and basic guidelines, customers can modify to meet their needs, and then set their goal.
a. Experts say babies cost on average $12K for the first year of their life
b. A 20% down payment on a home will save a buyer for paying PMI.
c. Average new car is $33,500.
d. Average four year college will cost $205,000 in 2030.
e. Average vacation for family of four is $4,850.
The Planning for Retirement webpage helps determine if retirement goals are on track3. You’ve always wanted to know, and never could ask – how is everyone else doing with their retirement savings – am I better/ worse/ same? We surveyed 2,000 people to see where they were – and now you can see how you compare. From there, customers can understand how Ally deposits products make saving for retirement easier and help them achieve their goals faster than accounts at other financial institutions.
*Footnotes 1, 2, 3 reference attachments
“That’s really helpful. That’s a great way to do that. I don’t know too many banks that do it like that.”
“Ooh, I like this. I like to get a variety of different views. That’s helping me do my information-gathering.”