In 2001 General Motors Acceptance Corporation (GMAC) bank was founded by a company that began in 1919, and in May 2009 GMAC bank launched Ally Bank.  It was created as an online-only “direct banking” for people in the United States (US) and GMAC financial services.

In May 2010, GMAC decided to re-brand itself as Ally Financial Inc. and Ally Bank became subsidiary of that bigger whole. Ally Financial was originally created to provide financing to automotive customers but has expanded to have 15 million customers worldwide and now provides insurance, online banking, mortgage operations, and commercial finance. In 2012, Ally Financial I at #201 on Forbes Fortune 500.

In July 2012, the Ponemon Institute announced the results of the 2011 Privacy Trust Study for Retail Banking. The survey was conducted from December 2011 until January 2012 and derived from sample of 5,571 US audit consumers. The study has been measuring consumer perceptions of trustworthiness for 9 years. However unlike past years ranked at #5, this is the first year that Ally joined the top 5 list of Most Trusted Retail Banks for Privacy 

In March 2012 according to the Change Sciences Group, Ally was ranked #1 out of 22 in ”Financial Services Social Media 2012.” Their presence and engagement on Facebook, Twitter, and YouTube contributed to their ranking, along with their customer-centric approach.  In the online article “Ally Bank Tops List of Financial Services Companies Using Social Media” they pointed out some very impressive numbers about their social media approach, “Every month, an average of 1,500 pieces of content are published on Ally Bank social media channels, including the Ally Straight Talk Blog, Facebook and Twitter channels. Topics range from Ally Bank product information to personal finance tips and tools. Followers across these channels increased more than 550 percent in 2011.”

In April 2012, the website Financial Brand ranked Ally Bank #5 in “10 of the Top Best Banking Brands to Watch.” Among some of the reasons for the ranking was their straightforward motto “no nonsense, just people” along with “reject big bank nonsense,” their humor infused advertisement campaigns, and how they always manage to “keep things moving” in their ever evolving ad campaigns and constantly growing social media presence.

Ally Bank has listed 10 notable awards on their website for 2012 alone and many more for past years too. To recap clearly, I have listed the 3 awards that I think display their marketing success the best.

• According to The Ponemon Institute, Ally was ranked #5 on the Most Trusted Retail Banks for Privacy
• According to the Change Sciences Group, Ally was ranked #1 out of 22 in “Financial Services Social Media 2012,” due to their social media presence, engagement, customer-centric attitude and growth.
• The website Financial Brand ranked Ally Bank #5 in “10 of the Top Best Banking Brands to Watch.” Since Ally Bank burst onto the scene just a few years back, they have been a formidable force and that award was a result of their huge accomplishments: The award notes their “no nonsense, just people” and “reject big bank” mottos, various humor infused advertisement campaigns, and their constant forward movement that is displayed in the constantly evolving ad campaigns and constantly growing social media growth.

Ally Bank has had 4 advertisement campaigns in 4 years and that might make consistency difficult but also shows that they are always willing to try new tactics to “keep things moving.” Their successful ad campaigns have helped them distance themselves from GMAC’s tainted past. In the online article “If Advertising Doesn’t Work, Then Why is ‘Ally’ A Household Word”  they pointed out their massive budget advertising budget the year they were launched, “Ally spent $25.8 million on advertising in the first half of this year, on top of more than $95 million in 2009, according to Nielsen, a media research company.“ Then the article continues on to quote impressive tangible results during that time frame

“Ally Bank has available, 40% of the financial institution’s target audience is familiar with the brand. 29% say they know something about the brand, while another 27% report having a fair- to significant amount of knowledge about the bank.” Next they go on to ask, “How has the bank achieved these impressive awareness numbers? They didn’t do it with PR or flash mobs or social media. They did it with a good old fashioned advertising strategy that includes TV, radio, online and — gasp! — even print.”

What were their 4 advertisement campaign approaches?

1. In 2009, they had an extremely popular and humorous “do you want a pony?” campaign that focused on honesty, transparency and accountability.
2. In 2010, they shifted their ad campaign to a different tactic:  an overtly obnoxious and awkward narcissistic love campaign. They seemed to lose some humor and their “no nonsense, just people” motto for a short period and then replaced it with the idea that if you don’t love your bank that you should switch.  But really does anyone really love their bank?
3. In their 2011 ad campaign, they regained their twisted humor and refocused their messages to “no nonsense, just people sense” and created a nonsense” campaign.
1. In the online article “No More Love for Ally Bank as They Search for the Right Ad Tactic,” they point out how they are spreading the latest campaign wide and far with the following quote:

It includes two TV and two radio commercials, as well as print, digital and outdoor. Spots will air on ABC, CBS, NBC, CNN, MSNBC, Fox News, ESPN, HGTV and the Golf Channel. Print will run in Money, Fortune, The New York Times and The Wall Street Journal. Digital advertising covers CNNMoney.com, Yahoo, MSNBC, AOL, Kiplingers.com, Real Simple and Bankrate.

1. In their latest campaign in September 2012, they launched yet another campaign for an undisclosed amount of money. This time they are stressing the customer always being first with the motto “Your Money Needs an Ally,” using two different ad tactics.
1. In one of their ads, they use a “robot ad” to stress the importance of banks providing 24/7 human interaction and support to clients, as opposed to opting for cheaper automated systems like some larger competitors.
2. In their other strategy, they use a “predictions ad.” The online article “Ally Bank Launches ‘New’ Stages Campaign”  explains the ad well in the following quote:

Thomas Sargent, Nobel Laureate in Economics, who is asked to predict what CD rates will be in two years—and is unable to do so. The commercial features Ally Bank’s popular Raise Your Rate CD, which offers the option to increase a rate once over the two-year term CD or twice over the four-year term CD should rates go up. Like all Ally Bank CDs, the Raise Your Rate CDs require no minimum deposit to open, feature no monthly maintenance fees and offer the Ten Day Best Rate Guarantee.

Some Essential Aspects of Their Successful Marketing & Media Campaign:

Simple yet straightforward philosophies of “no nonsense, just people,” “reject big bank nonsense” and “no robots” to stress the 24/7 human support they provide.

Changing their name from the tarnished GMAC to Ally Bank and later Ally Financial while allotting a large budget for a huge, creative marketing team, because they realized realizing that marketing was essential for creating a new, successful image.

Constantly evolving clever ad-campaigns that are well-funded and widely spread via TV, print, radio, and internet.

A large marketing presence on the internet that includes active customer engagement with engaging topics, direct connection to customers via social media interaction, and as a result extreme, rapid growth in their social media campaign .

Ally Bank’s customer-centric business model is also demonstrated through its 24/7 live customer service, Ally Perks debit rewards program and reimbursing ATM fees nationwide among other services, features and products.

Great Customer Reviews

Their “no nonsense” approach and perks have led them to be ranked highly for trustworthiness among retail banks. Trust can make or break a bank because when it comes to people’s money trust is one of the most essential components they look for in a bank.

In April 2012, they expanded their customer-centric offerings with the launching of Ally Mobile Banking for iPhones and androids. They exceed 1 million customer accounts, and the Bank has seen consistent growth—including a $1.6 billion increase in retail deposits in the first quarter…

If there short but eventful history is any indicator of the future, then Ally Bank is likely to see continued growth, success, and more ad campaigns. They just have to continue to use their “no nonsense” and “reject big banks nonsense” mottos, along with flexible marketing.

Additionally they have to use social media platforms to continue to communicate directly with their customers, and to keep things transparent so that they can maintain trust. Lastly, they have to keep their social media up-to-date so that they maintain that edge on competitors!

One of the largest changes implemented by Financial Industry Regulatory Authority, Inc (FINRA) dealt with the rules and regulations of financial services organizations under what used to be 6 categories. Now there are only 3categories: retail, correspondence, and institutional communication. In an online article “FINRA Regulatory Notice 12-29: Its Impact on Social Media Use”Chris Ricciuti points out the implications this has for social media communications:

All social media communications fall under the heading of retail, since they can reasonably be expected to reach hundreds, if not thousands, of people each day; however, since online forum posting falls under one of the possible exemptions, it may not require pre-approval.

Additionally, provided the narrative portion has already been approved, and the only changes are statistical updates, there is no re-file required.  This more streamlined approach to financial communications is an attempt to lighten the regulatory requirements on firms, lessening the cost of staying compliant.

But Financial Services organizations should begin, or continue to, archive their social media content. With the potential for regulatory requests or audits always looming nearby, one should not operate without the capability to produce previously published content, should a regulatory request arise.

In summary, while the rules around social media use by regulated organizations have been softened from a filing perspective, archiving all published content is still critical. We like to draw an analogy to email- you don’t necessarily need to pre-approve all email content, but you certainly need to archive all of it.

With the rules to going into effect February 4, 2013, it’s crucial that marketers attempt to fully understand the technical regulatory notice, in order to avoid unnecessary fines.

For social media marketers the good news is that regulatory standards appear to be lightened, for the time being, but that could quickly change:

FINRA Rule 2210(c)(7)(M) excludes from filing retail communications that are posted on online interactive electronic forums, such as an electronic bulletin board or an interactive forum that is contained on a social media website. Under NASD Rule 2210, posts on interactive electronic forums are considered public appearances.30 Under FINRA Rule 2210, such posts will be considered retail communications, assuming the forum is available to retail investors. Nevertheless, FINRA is excluding these posts from Rule 2210’s filing requirements.

Businesses should definitely stay abreast of the new laws’ implications as they change and begin to have real impacts! While the implications of the new laws are not fully understood by most, Global Relay (the largest archiver for LinkedIn compliance) suggests that businesses that are involved with social media should start archiving to ensure compliance, and stay ready for audits. Whether you use Global Relay or another method, if you are involved in the social media industry, you should think about how you are going to archive and staying up to-date on the new, ever-changing regulations!

As social media sites and smart phone use grow faster than ever before, banks must prepare! The importance of social media is steadily becoming more important and so banks can no longer just ignore social media, because change is inconvenient and a hassle to implement as a result of new ever-changing regulations.

In the online article “Progressive’s PR Disaster Shows Banks Need to Think Outside Twitter”

Nicole Sturgill points out, ” ‘Most banks have no idea if their customers even have a Tumblr blog or a Twitter feed. They should absolutely be adding that to their [customer relationship management] applications because customers not only have monetary value to them but they also have PR value.’ “

Since customers hold both the monetary value and PR value, it’s vital that banks monitor their brand and what customers are saying on social networks.

So that means they not only need to have a social media plan to monitor their brand but also a way to respond to customers. They need to be proactive in order to keep customers happy and to prevent PR disasters by having well thought out plans in advance. Not only is it vital damage control, but there are so many benefits that can be repeated from a well-orchestrated social media platform.

It’s essential because as the article notes “customers that might not have as much of an impact on a bank’s balance sheet can, inevitably, affect a bank’s bottom line by affecting its reputation.” In all businesses reputation is critical but among banks it’s even more essential and could eventually lead to a bank’s success or failure! 

The exclusive publishers of the famous Meyers-Briggs Type Indicator (MBTI) assessment, CPP have produced an infographic that illustrates what they believe your favorite social network says about your personality.

Some of the main from the infographic include:

• Of the 16 personality types about 65% reported using Facebook, and on average individuals with a tendency towards extraversion used facebook about 69% while those with a tendency towards introversion on average reported using facebook about 60%.
• When using Facebook, those with a tendency to feel (as opposed to thinking) browsed about 75%, interacted about 49%, and shared information about their personal life about 23% of the time. In contrast those with a tendency to think browsed about 67%, interacted about 40%, and shared information about their personal life about 15% of the time.
• On LinkedIn, those with a tendency toward extraversion (40%), intuition (41%) and thinking (38%) reported using LinkedIn more than introverted (28%), sensing (29%), and/or feeling (30%) individuals.
• On Twitter, individuals with a tendency towards intuition (13%) were much more active than those with a preference for sensing (8%).

Do you agree with the study’s findings? Do you think your favorite social network is a reflection of your personality type and if so how?

Facebook just announced some of its biggest news in a long time! Up until now, Facebook has advertised by using region, language, and brand engagement.

Is the change good or bad?

When Facebook was originally designed, they boasted about minimal ads and so the new change could be have negative interpretations.If advertisers are too accurate with the information and use it too frequently, it could make Facebook come across as being an intruder of privacy. Additionally, by over targeting they could easily end up excluding audiences that don’t include all their information on Facebook or audiences that don’t fit stereotypes.

With that said, location and age will undoubtedly prove useful to local businesses and product makers. Marketers will definitely be able to make their advertisements more detailed to better target their audiences’ preferences. Marketers will be able to make their ads more relevant and will happily enjoy the new feature. However, will facebook users see it as invasion of privacy on a site that is used mostly to connect?

This infographic is based off from 200 billion Facebook Ad impressions managed through Nanigans’Ad Engine in Q1 and Q2 of 2012. Ecommerce industry trends were originally published by eMarketer and Forrester.

Here is ONE simple questions about social media:

What’s the 1st thing you think of when you hear the term ‘social media’?

A brief survey conducted by AYTM, a leading marketing research company, posing two questions to 500 Internet users on their use of social media in 2012 as compared to 2010, and also to gauge their thoughts on the future of social media.

Do you agree with the infographic?

Social media has become a cultural phenomenon that’s shifting the way all businesses operate, as a result of an all-time high usage of  company websites, smart phones,blogs, wikis, Facebook, Youtube, Twitter, LinkedIn, Google+, forums, etc, A New York Time’s article revealed that “ more than 40 percent of high-net-worth individuals younger than 50 viewed social media as an important channel for communicating with their banks.”   With that said,  Assetinum’s survey of the top 50 banks found  that the majority of banks are behind the curve in their social media strategy and use.

Banks that listen to the demand by utilizing social media will inevitably gain a competitive edge for their brand. For banks that are willing to innovate, it’s an immense opportunity!

Simply put, social media is a way for banks to gain deeper insight into customers, to innovate with the times, to build communities by strengthening relationships and to differentiate from competitors. “Community building is something that banks should be doing more of because many of the most important touch points in our lives from attending college, to buying our first cars and building a home, to starting a business and saving for retirement all involve a relationship with a bank.”

Social Media offers banks an inexpensive way to connect with consumers, to promote events, to draw attention to sponsors, to collect research,   to provide transparency, and to strengthen their brand.   “Social media provides the large banks an opportunity to ‘get small’ and engage in the individual communities they serve. Smaller banks, on the other hand, tap into the power of social media to extend their reach, empower their communities and continue to differentiate their capabilities in relation to the big banks that are ‘too big to care.’”

Case Study: Wells Fargo

Embracing change since 1852, Wells Fargo (WF) now have 5 blogs, 3 twitters, multiple Facebook accounts, a website and mobile sites and applications. They are cited across the board as a huge success story and even are noted as a top brand among Forbes.  As a result of their social media presence, “Wells Fargo estimates it has reached millions of visitors, and has hosted thousands of conversations.”

They have integrated social media into their entire organization, and there have been many positive, tangible results in their media campaign.

Measureable success has been reported on various platforms:

Twitter

•  WF receives over 2,500 tweets a month from eager to interact customers, and with Twitter as a tool they were able to increase positive sentiment by 38% and incorporate it as their most effective customer service tool.

YouTube

•  They posted a ‘flash mob’ to announce WF’s presence in Manhattan and, they were able to gain more than 1.8 million views up to date. “ By using this integrated multichannel customer experience (i.e., Youtube), Wells Fargo was able to create value for the customer while reinforcing brand objectives.”

Blogosphere

•  They have strengthened customer relations. In order to further  illustrate,  an anecdote from one of their many  blogs (the Student LoanDown),  is provided below:

We had a comment from a mother who was having problems because her daughter had reached her student loan limit. She asked us if we could help. We contacted that particular school and provided them with guidance based on our experience with other schools. The school ended up raising that student’s loan limit. Because the school got so much value from us, we were put on its preferred lender list (Wells Fargo Hitches Its Wagon to Social Media).

Facebook

•  In the very near future, Wells Fargo is going to pilot the use of the social network to its advisor force, by having about 40 WF advisors test the network.
• “’You have the opportunity to learn and grow in relationship with clients and customers in a deeper way.’His team’s Facebook page emphasizes images and content intended to help foster a personal connection with their followers. That includes posting pictures from when one partner attended the recent air show in Baltimore, Md. and when another partner had a baby. One prospect who saw the baby’s pictures on Facebook stunned that advisor when he congratulated him at the start of a phone conversation, Armstrong recalled.‘It’s evolved into this fantastic story telling tool, without it looking like a contrived story telling medium for business,’ Armstrong said. ‘The story that you tell on Facebook with pictures and posts is very genuine and very personal.’ ”

LinkedIn

• Not only maintain a profile but also cultivate relationships through wealth management interaction
  • For example, in order to better connect with small businesses, they provided a free, 1 hour webinar for small businesses on the impacts of social media on business and methods to improve their usage of LinkedIN.

Impact on Stocks

• In an attempt to give stock investors a better idea of WF’s social media campaign impact on stocks,  Social Media Analytics (SMA) have started monitoring WF’s complete social media signature  through their use of a complex algorithm, and in that week  “the bank is  up 2.85% net.”

With well-orchestrated social media marketing, WF has been able to increase company worth and also strengthen the company. If WF’s 160 years in business has anything to teach it’s that, the most important tools to maintain a sustainable company and social media campaign will likely be adaptability, innovation, leverage of resources and the ability to change strategy as changes arise!

A paradigm shift among banks is currently taking place, so don’t get left in the past!  Let your customers know that their demands are being heard! Let us help you build a social media campaign specific to your needs so that you can harness the power of social media platforms.

Google has given clear instructions on how add the Google+ button to your website: http://bit.ly/GPlusButton

Google has begun to allow integration of its +1 button into 3rd party social media platforms. PowerReviews, BazaarVoice are among the first to integrate the button. From the Google webmaster central blog, movie review site can now allow visitors to share posts containing the title, movie poster and a brief synopsis:

Are you ready to add the Google+ button to your site?

“News near you” in Google News – How does it impact the users?
‘News on the move’ is more than just an accessory it is a necessity. Most of us like to hear the news and keep an eye on the pulse of the things happening around them, especially if it is happening in our community. In addition, if you are travelling to a new place then it is very important that you know what is happening around you so that you are aware of any closed roads, events and even the traffic situation. By Combing the rising trend of community news with news on the move Google has launched a feature called ‘News Near You’.
History
Localized news has been available on Google news since 2008. It allows you to update your location and get and instant access to the events and happening near and around your location. Now users can use this feature on their Android based smartphones and Apple iPhones by activating a feature called ‘News near you’.
How to activate ‘News near you’ on your phone
Activating this feature is simple. On your phone log in to news.google.com, a pop up will appear asking if you want to share your location. Click on ‘yes’ and the new section of news near you will appear at the bottom of your homepage.
Going on a vacation? Or want to shop on a new location? Don’t forget to activate this feature on your mobile. You will have instant and correct access to the happenings on your locations and new events, on-going sales etc. on your fingertips.
This wonderful feature eliminates the need of having to read all the irrelevant news on when you are looking for some important information in the local area. Another big advantage of using this feature on your mobile phone is that you get instant updates of the local happenings around you and even the videos (in collaboration with YouTube).