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  • Ok, Mr Canoe.

  • Let's talk about the Arizona Bank's new total banking package.

  • Do you like the name back when the typical bank looked like this banks didn't have locations from coast to coast or even across state line.

  • A person who lived in California, for instance, couldn't visit a branch of the same bank that a person in New York could.

  • But then in the 19 eighties laws that kept banks from crossing state lines began changing and a few aggressive banks started spreading across the US state by state by state.

  • Soon after came, a wave of megabank deals that created the behemoths that dominate the industry.

  • Today.

  • Nations Bank, for instance, bought Bank of America in 1998 creating the first coast to coast retail banking network.

  • Chase city and Wells Fargo also followed.

  • The idea was that Americans anywhere could now visit the bank the same way they could go to mcdonald's or Walmart.

  • But then the 2008 financial crisis hit, changing the economies of banking.

  • The closing numbers on the markets today, the stock market is now down 21% regulators and shareholders put pressure on big banks to get leaner few were spared from JP Morgan to Citi to Morgan Stanley Bank of America in particular faced a huge financial hole for the first time.

  • Anyone could remember.

  • It had to quickly cut costs in its branch network.

  • When I want relationship advice, I speak to my mom when I need to talk about banking, I use the Bank of America mobile banking app, their answer tweaking its branch network and changing the format of the branches to prompt customers to become more loyal and buy more.

  • The bank also decided to leave hundreds of counties that were largely rural or small town areas and seek opportunities where more people live in big cities and to appeal to urbanites.

  • They remodeled the branch to include technology and sleek offices to sell products to the more affluent.

  • So the bank that once aspired to be everywhere is still everywhere in big cities.

Ok, Mr Canoe.

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