If community banks fail to keep up with higher rates offered by online banks, credit unions and (soon) big banks, their liquidity may deteriorate even faster.
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, Bank of the West and USAA 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.
Ally has a lot of digital competitors, so Diane Morais is banking on customer centricity; Heather Cox plans to “levelize” the business and technology team at USAA; 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.
Execs from Bank of America, Wells Fargo, BBVA, Ally Bank and others outlined their AI strategies, progress to date and lessons learned at BankAI this week.
