- GMAC Bank
- Banking on the Future of the American Automobile
How does one of America's largest and best known companies leverage 25 million consumer relationships to create a new, profitable, financial services business?
This was the challenge for General Motors - the world's leading automobile manufacturer with millions of loyal employee, retiree and customer relationships from its automotive, mortgage and insurance businesses. Ascension strategists worked with GMAC to create the company's first remote thrift institution, the GMAC Bank. Offering banking and financial products and services through web and telephone channels, the challenge was formidable as GMAC Bank sought to compete with larger, more established physical banks with robust on-line offerings.
After two years in the marketplace, GMAC Bank is now a $3.0 billion bank with over $400 million in consumer deposit accounts and 10,000 customers. Moreover, through careful consumer research, the Bank has been able to offer profitable non-bank financial products through strategic alliances with brands like Ameritrade and Sharebuilder. From money market accounts, educational loan programs and corporate charge cards to commercial payment processing, Ascension strategists played an important role in the development of each.
Look for the GMAC Bank to continue to grow and to innovate with an increasing array of products targeting Americans who trust a brand they already know - General Motors.