Ally Financial recently added an automated savings tool to their product set that the company believes will help them deepen relationships so customers purchase other products; Diane Morais, President of Consumer and Commercial Banking Products at the online-only Ally, sat down with American Banker to talk about the new product and the bank overall; they created the automated savings product to serve a customer who was feeling overwhelmed by their finances and there inability to save; unexpected financial situations have been the biggest driver of anxiety as customers cannot afford the expense of a car accident or serious health issue which drives them into debt they feel they cannot overcome; the bank uses up to ten savings buckets with goals, thus far wedding and engagement ring are the most popular; the interview also goes on to cover the misconception about people who don’t save, saving behavior with positive reinforcement and how the bank has continued the push of becoming customer obsessed. American Banker
