Ally Banking Arm Cross-Sells Auto Loan Customers

Ally Bank, the deposit-taking subsidiary of Ally Financial Inc., has grown to 1 million customers and $53 billion in deposits, all without doing much to tap its auto loan customer base.

That is changing, according to Ally Bank Chief Executive and President Diane Morais. “New auto loan customers get a welcome kit with lots of information,” Morais told Auto Finance News.

“In the past, we weren’t doing a great job communicating with them that we’re a bank, too. We’re working on really filling out the communication stream both online and offline to let them see the whole span of products we have to offer,” she said last week.

Ally is also beginning to test incentives for customers to take advantage of having multiple accounts with the bank. For example, setting up auto-pay of loans for customers who have an Ally checking account.

Morais said, “With 4.5 million [auto] loan customers, there’s a lot of opportunity there.”

For more content like this, check out the upcoming Auto Finance Summit, October 21-23 at Wynn Las Vegas. Visit www.AutoFinanceSummit.com for more information.