In simpler days, it was easy to select your bank. You chose the local bank, where the teller was your neighbor’s sister-in-law, the branch manager knew you by name, and your family had conducted business for years.Technology, commoditization, deregulation and globalization forever changed the face of banking. The model of the personal neighborhood bank is a quaint memory, replaced by national and multi-national service providers, ATMs, Internet banking, automated call systems and a proliferation of product choices, none of them fettered by traditional ties of geography and familiarity. This new order calls for a new mindset. Retail bankers have to behave more like retail merchants, focusing on ways to gain customers, keep them and maximize profitability from each — all while streamlining product costs and customer contact channels.
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