Of course, the time is right to launch a new bank complete with a new set of values, but importantly, a new way of doing things. Banks have been masters of trying to tell a story of change and doing very little about it.
Ally Bank is a new entity that's arisen out of the former GMAC. It should have been a chance to doing something very different, but it still looks like old banking.
Here's what they say on their website.
"We are Ally Bank, built on the foundation of GMAC Financial Services. And with that experience we’ve learned that these times demand change and a new way of doing business. So we’re taking banking in a new direction.
We’re a bank that values integrity as much as deposits. A bank that will always be open, accountable, and honest. Yes, honest. We won’t deal in half-truths, kindatruths, or truths only buried in fine print. That’s because we don’t have anything to hide. We’re always going to give it to you straight.
That means no monthly fees, no minimum deposits, and no minimum balances. It means developing new products that give you more options, like our No Penalty CD that lets you withdraw your money if you need to. And it means keeping our promise that our rates will always be among the top. It’s just the right thing to do."
Is this bank really doing anything different, it sounds good, but the promises and products seem fairly standard.
If the financial services industry is going to rebuild its reputation, it's going to need to invest in some serious product development. Without this, it's just going to be a series of hollow promises.