ally bank used to be GMAC Financial Services. See here: http://www.ally.com/ally-story
Given the troubles in the last year with GM and the GM brand (including bankruptcy, government funding, and floggings in front of congress), GMAC changed its name. A good idea to change the name, sure. But “ally”?
The only thing I like about the name is that it does not sound like a traditional boring bank name. But in general, I am not a fan of the name “ally”? Are bankers really friends or allies? Particularly after the financial disasters of the last year? Also, it is very close to the word “Alley” in look and sound. And I don’t know of any positive associations with the word “Alley.”
Also, the name and logo just look a bit odd and funny to me. The logo does not look and sound institutional and trustworthy like most financial service names – Bank of America, Fidelity, Merrill Lynch, Citibank, etc. I give them credit for trying something different for a financial service, particularly in the current economic conditions and in turning a new page for GMAC Financial Services. But in my mind, the name lacks confidence, security, and trust.
Lesson: What does your name and logo say about your business?