“I've always been fascinated by what makes people fall in love with brands.”

— Andrea Brimmer

Can a digital-only bank thrive in a physical-focused financial system? Ask Andrea Brimmer of Ally. Founded in 2008, during the financial crisis, Ally defied the odds and transformed into a banking powerhouse. Over fifteen years, it gathered an impressive customer base of eleven million and achieved a staggering $138 billion in retail deposits. Currently ranked among the top 25 banks, Ally’s remarkable success can be attributed to its unwavering commitment to a compelling value proposition and focus on meeting customer needs. Today, Andrea divulges the secrets behind this extraordinary growth story.

Andrea's professional journey started at Cambell-Ewald Advertising, where she grew her career to ultimately serve as EVP Account Director. In 2008, Andrea started a fresh chapter in her professional life and took a position at Ally, eventually rising to the role of Chief Marketing and PR Officer.

Andrea's remarkable achievements have earned her widespread recognition. Notably, she has been bestowed with the prestigious title of FCS Financial Marketer of the Year on three occasions since 2017. Moreover, in 2022, Adweek recognized Andrea as one of the most powerful women in sports, thanks to her impressive emphasis and impact on spending in the industry.

Check out the key takeaways of this episode or the transcript below to learn how Ally has thrived as a digital-only bank.

The Evolving State of the Digital Financial System - While there may be some utility to physical banks, the primary reason for their existence is the existing infrastructure, which can be costly to unwind. These physical branches are often remnants of a legacy system. However, some banks have recognized the advantages of a digital-first approach. For instance, Ally leveraged this approach to provide fewer fees, higher interest rates, and 24/7 availability. Trust is a significant factor in maintaining physical bank branches, and launching a digital bank posed challenges in gaining consumer trust. So Ally executed an effective marketing campaign during its launch. One of their notable campaigns involved using big banks as a foil and employing children as the messengers of truth. Over time, as digital transactions became more commonplace, people developed an implicit trust in them.

From Digital Savvy Youth to Sophisticated Investors - In the beginning, Ally’s primary focus was on the younger, digitally savvy consumer. The bank believed that this demographic would be more receptive to its services. However, the team was pleasantly surprised to discover that its customer base consisted of older individuals with higher net worth and a sophisticated understanding of financial matters. The bank noticed a significant increase in customers around the age of fifty due to their substantial financial resources and ability to strategically invest to maximize FDIC insurance coverage. As Ally's journey progressed, it started to attract millennials and Gen Z individuals. Therefore, the target audience has become more diverse, and the company has adjusted its approach accordingly.

Thriving Against the Odds in the Ever-Changing Banking Landscape - When Ally launched 15 years ago, many financial institutions that started around the same time disappeared. However, Ally has thrived thanks to its team with extensive knowledge and experience in the banking industry who understand how to effectively operate a bank. Secondly, the company's value proposition and what the brand represents have resonated with customers. Ally has prioritized providing financial services that truly serve the needs of its clients. This focus has allowed it to become a top 25 bank today, which is remarkable considering it had zero customers 15 years ago. Today, Ally serves over eleven million customers and has amassed $138 billion in retail deposits.

Leveraging Gamification to Foster Financial Literacy and Engage the Gaming Community - One area Ally has doubled down on has been eSports. The company has always been progressive in gamification and eSports, as there is a lot of wealth in the gaming community. Moreover, Ally has discovered ways to connect gamification and financial literacy. First, it created an island on Animal Crossing and an educational platform for schools, all geared toward teaching financial literacy. More geared towards a younger audience, Ally developed a world in Minecraft called Fintropolis.

Ally’s 50/50 Pledge: Andrea is committed to promoting women in sports media. Last May, in commemoration of the 50th anniversary of Title IX, Ally pledged to match every dollar spent on men's sports media with an equal amount for women's sports media. Currently, women's sports receive less than 10% of media coverage, despite evident interest, as demonstrated by the higher viewership of the women's Final Four compared to the men's. Brimmer believes that brands must break this cycle of limited coverage, as it is crucial for creating economic mobility. They emphasize that 94% of C-suite women in Fortune 500 companies have a sports background, with 54% having played at the collegiate level. As a bank, they see it as their responsibility to support women's sports media and contribute to economic progress.