okay mr. canoe let's talk about the
Arizona banks 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 1980s laws that kept banks from
crossing state lines began changing and
a few aggressive banks started spreading
across the u.s. state by state by state
soon after came a wave of mega bank
deals that created the behemoths that
dominate the industry today nation's
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 economy's 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 city to Morgan Stanley Bank
of America in particular paced a huge
financial hole for the first time anyone
could remember it had to quickly cut
costs in this 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
it's still everywhere in big cities
[Music]