Ally Financial touts high satisfaction and retention for its digital banking tools

CX Dive · Courtesy of Ally Financial
Bryan Wassel
2 min read

In This Article:

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Dive Brief:

  • Ally Financial reported an 89% customer satisfaction rate for its digital banking services, according to a Q3 2024 earnings presentation last week.

  • The digital financial services company is leaning into convenient digital experiences, including a mobile app with more customization options, to help it navigate a challenging macro environment, executives said on a Q3 2024 earnings call last week.

  • “Underlying business trends are strong, and our customer-centric approach positions us to continue winning in the marketplace,” CEO Michael Rhodes said on the call.

Dive Insight:

Competitive interest rates are often a highlight for financial services, but they are just one aspect of Ally Financial’s broader plan, according to Rhodes. Good digital CX is an essential element of the bank’s multifaceted strategy to grow engagement and retention.

“We offer best-in-class customer service and convenient digital experiences and, over time, have added additional features and products, and we've seen consistently high levels of satisfaction, engagement and retention,” Rhodes said.

The digital bank’s emphasis on CX helped fuel a 95% customer retention rate in the third quarter. The bank reached 3.3 million primary deposit customers as of Sept. 30, up from 3 million a year earlier.

About 1.2 million savings customers have used Ally Bank’s core banking products, according to a Q2 2024 earnings presentation.

Good digital customer experiences have become a core consumer expectation of banks. Nine in 10 consumers said that quality customer service and digital banking are important factors in choosing a bank, according to a Motley Fool Ascent survey released in August.

While Ally has the advantage of being entirely digital, financial services companies across the board are focused on improving online experiences. On an earnings call last week, Bank of America executives touted the bank’s digital capabilities, including its AI-powered virtual assistant Erica.

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