Easy Online Banking

What Do Millennials Want from Their Banks?

Each generation grows up under a shared set of circumstances that exert enormous influences over their consumption choices. As a result, businesses must be prepared to reinvent themselves for the purpose of appealing to each successive cohort, with banks and other financial institutions being no exception to this rule. In recent times, millennials have become more and more important as customers, which in turn, means that more and more banks have made changes for the purpose of appealing to them.

For the most part, millennials aren't that different from their predecessors in that they are focused on fees, rewards, and convenience. In brief, they want their banking to have few fees, plenty of rewards, and as much convenience as possible, though there are some interesting points that cause them to stand out nonetheless. For example, they are flexible about their provider of banking services, as shown by how more than 80 percent are willing to switch over to another bank so long as the rewards are right. Something that is supported by how 61 percent of them would be willing to consider local financial institutions and 63 percent of them would be willing to consider their national counterparts. Finally, millennials are much more focused on the online component of convenient banking than their predecessors, so much so that three quarters of them stated that not offering online banking meant that a particular financial institution would not be considered at all.

Of course, some banks have managed to meet these expectations much better than others. Something that can be seen in how Ally Bank has been named by Kiplinger's Personal Finance magazine as not just the best online bank but also the best bank for millennials.

How Has Ally Bank Met These Expectations?

For people who are unfamiliar with the name, Ally Bank is a part of Ally Financial, which started out as the General Motors Acceptance Corporation before it was spun out as a public corporation. As a result, it should come as no surprise to learn that it is one of the biggest auto lenders in the whole of the United States, though it is important to note that it offers an online bank in the form of Ally Banking as well as other products and services.

Part of Ally Bank's appeal lies in its low fees. For example, it has neither maintenance fees nor a minimal balance requirement, meaning that its customers won't be charged for just having a bank account. Combined with automatic overdraft protection as well as other examples of friendlier overdraft policies, it is no wonder it comes with so much appeal for people who are averse to bank fees.

Better still, Ally Bank also provides interested individuals with plenty of rewards, as shown by the daily compounded interest on its savings accounts. Moreover, it offers free checks, free use of Allpoint ATMs in the United States, up to $10 reimbursement of fees incurred at other ATMs in the United States, and other freebies as well.

However, what is most interesting about Ally Financial's banking services might be its online features, though this is perhaps unsurprising considering that Ally Bank is supposed to be an online bank. One simple example is its availability for Apple Pay, Android Pay, and Samsung Pay, thus providing it with massive cross-platform appeal. However, other important features range from electronic check deposit to being able to set intuitive but nonetheless powerful controls over the use of their checking accounts. Something that should come as welcome news to those who are concerned about the security of their money because should they lose their cards, all they have to do is to turn it off by heading on over to the Ally Bank login.

Summed up, Ally Bank is simple and straightforward while still remaining powerful in all of the ways that millennials want. As a result, it is no wonder that it has been rated so well. Moreover, should it continue on its current trajectory, it seems reasonable to conclude that its online offerings will only become better and better in the foreseeable future.

Further Considerations

People who are interested in Ally Financial should not hesitate to head on over to Ally Bank to learn more at their earliest convenience. The entire website from the Ally Bank login page to the informational pages for all of their products is simple and straightforward to use, meaning that visitors should have no problems finding enough information to make an informed decision in their best interests.

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