Friday, November 24th, 2017

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Banks Looking to Expand Relationships with Customers

Facing more regulations, banks are trying to increase their connections with customers.One personal finance decision younger consumers may face is how to handle their banking relationships, while financial outfits have worked to increase their connections with customers.

According to a recent report from SmartMoney.com, banks are trying to increase the number of accounts a particular consumer may have with them. One reason is that it can lead to finding customers who have personal finances that are more stable.

"This type of cross-selling has long been profitable for financial firms, but a changing regulatory landscape is providing banks a renewed incentive to broaden their relationships with consumers," SmartMoney said.

The advantage to consumers is that they may be able to find better deals on products like credit cards if they have other accounts with a financial firm.

Further regulation of all banking products may be on the way, as the Senate and House came to a compromise regarding financial reforms. If passed, a new Consumer Financial Protection Bureau would be created within the Federal Reserve System that would oversee products such as loans and credit cards.ADNFCR-3389-ID-19866411-ADNFCR

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