Team Exercise
Virtual Banking: An Idea Whose Time has Come?
The Situation
Key Savings and Loan Associations is a multibranch bank located in the Midwest. The company’s headquarters is in Indiana and it has more than 35 branches scattered across Illinois, Indiana, Michigan, and Ohio, an area that has, unfortunately, become known as the “Rust Belt.” The company has been well managed and profitable for decades, but it is finding it difficult to add new customers or replace ones that leave.
The Dilemma
A member of the bank’s board of directors has recommended that the bank consider closing its branch operations and operate as a virtual bank. Its existing customers could maintain their accounts and would have 24-hour access online. Mobile deposit ...
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