Does it seem like every corner has a bank? I feel that way. Everyone needs a bank, but everyone has different banking needs, so new community banks, state-chartered banks, and nationally-chartered banks are popping up all over the country. Banking is a very personal thing to do, and people are always looking for a place where they feel at ease. The result seems to be another branch of an existing bank or a new bank opening up on your corner.
What bothers you most about banking? Is it the convenience, the consistent customer service, the fact that you know the staff, the variety of products, or the prices? Most of the time, you will get to know a bank because of a combination of things. If all banks could meet everyone's needs, there might only be about eight big banks in the country.
Banking can be a good way to make money. It is regulated by both the federal government and the states, which gives investors a sense of safety. Since the risk is lower, there always seems to be a good number of investors willing to put money into new banks. The bank's leadership, such as a CEO who is well-known, respected, and has been a part of the community for a long time and has done well, may be one of the most important parts of the bank's success. The second factor would be a board of directors and investors who have a lot of money, believe in the bank's mission, and put in a lot of money themselves. The key is staying power.
Many businesses and people go from bank to bank with their banker. Most of the time, the path will lead to an old or new small community or regional bank. The new neighbourhood bank is still being opened because clients want personal banking relationships. Technology has made it possible for the new banks to compete with the big ones and give their customers the services they want. One example is online banking, which makes it easier to do things.
In the United States, there is a huge amount of money. Because of this, banks will continue to grow and new ones will continue to open. The people who own this wealth are always looking for their bank to do things like understand their needs and meet their service expectations. New banks will continue to be built based on what people want. So, the saying "a bank on every corner."
