This is a very old entry — images are small, formatting is off.
“The world doesn’t need another bank, it needs a better bank,” reads the latest well-written press release touting the launch of Ally, “a new brand for a U.S. online bank designed to disrupt the status quo and challenge win-lose practices in the banking industry. We are launching a new brand with a new approach of treating customers with total transparency,” states Chief Executive Officer Al de Molina. Either Mr. de Molina is confused about the definition of the word transparency, or he is simply lying; either way consumers are being duped by this “launch.” The “groundbreaking, disruptive philosophy” at the heart of the new brand is the mastermind of GMAC Financial Services, the 90-year-old holding company that created Ally. The new bank states that they “will not bait and switch depositors;” in fact they are doing exactly that. Ally is simply a tactical, albeit clever, name change for the older, less reputable bank. The friendlier nomenclature is accompanied by a fairly sturdy, well-designed lowercase logo, with just the slightest hint of�Web 2.0 peeking through. While the new identity is certainly an improvement, sadly, it seems the holding company’s values have remained intact. “Given the recent financial market turmoil, people are looking for a safe, honest and efficient place to save and grow their money.” Perhaps, in a truly concerted effort to be “honest,” GMAC should rethink the use of the word “honest.”