Online Only Ally Bank To Begin Offering Mortgages as it Continues to Diversify
Ally Bank sees earnings growth in diversity, and plans to add mortgages to its offering by the end of the year.
The online only banking model used by Ally Bank ( (ALLY) - Get Report ) is benefiting both shareholders and customers, according to Diane Morais, the president and CEO of Ally Bank. 'The beauty of the online model is that because we don't have expensive branches, we're able to translate that savings in the form of better interest rates and lower fees to consumers,' said Morais, who added that the bank adds new customers weekly. Morais says Ally Bank continues to diversify its business, expanding beyond its original portfolio of auto loans. The financial firm launched a card card in June, and recently purchased an online wealth management company. Morais added Ally Bank plans to start offering mortgages in the end of the fourth quarter.
