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Oct 13

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Why National Online Bank Day is such an important milestone.

A check written in 1659

It really wasn’t that long ago when people would hand write checks.  You would carry around a type of paper issued by your bank and then write out the information needed to make payment.  Can you imagine the reaction those people would have to how we can bank today.

Online banks have dramatically changed how we are and will bank in the future.  Seven year old Ally Bank has surprised 1 million customers in September 2015.  This bank has no brick and mortar branches, no place to physically drop off a deposit or get cash.

On the other hand, Ally Bank has someone who answers their phones 24/7 to handle any banking need yo may have.  National Day Calendar declared the Second Monday of October (yes, that is Columbus Day) National Online Bank Day, #OnlineBankDay.  Since Columbus Day is a federal holiday, brick and mortar banks were

Ally Mobile App

Ally Mobile App

closed, but Ally was open.

“We believe in a different banking experience”, states Ally Bank CEO and President Diane Morais. She goes on to state that they offer higher interest rates for savings than traditional banks simple because it costs least for them to operate. Because of the higher interest rates, the bank attracts those individuals who wish to make a higher rate of return on their money.

One technology feature that will save you those trips to the bank (saving time and fuel) is depositing checks via the Ally app.  Just snap a photo of your check in the Ally app and it is deposited in your account.  This convenience alone has converted many people to using an online bank.

Other tools like Allpoint ATM (ATM locator if you need cash), online bill pay and the new Assist tool is recruiting millennials to using online banks as well.  Using an online bank is also environmentally friendly.  Online banks also know the importance of online security. They dedicate time and resources to make sure their customers have the best online banking experience possible.

So congratulations Ally Bank on surpassing 1 million customers.  This milestone has proven that this technology is viable, needed and used in our ever changing world.

Permanent link to this article: http://thetechranch.com/why-national-online-bank-day-is-such-an-important-milestone/

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