Online banks and some credit unions are responding to Fed rate hikes by aggressively raising deposit rates on CDs, savings accounts and money market products, while the nation's biggest banks are largely standing pat — for now.
The digital-only Ally Bank has taken several steps to deepen customer relationships through electronic channels, including use of personalized emails and websites that have yielded strong click-through and loyalty rates.
How do you eliminate "pain points" in the banking experience, increase wallet share and improve loyalty? Companies like Ally, USAA and Bank of the West are believers in tracking the customer journey to find the answers.
The Detroit company recorded an 11% increase in car loans and leases originated during the fourth quarter, as well as a jump in yields. Ally appears to be benefiting from Wells Fargo's substantial retrenchment in auto lending.
What's an industry challenger to do when it gets a lot of competitors of its own? Ally's Diane Morais has a plan. Heather Cox has inserted technologists into USAA's business lines, and outgoing Fed Chair Janet Yellen has achieved rock star status.
With millions of Alexa and Google Home devices now in use, first-mover banks are rapidly developing services to let customers control their finances using only their voice — even if there are still many kinks to work out.