Date of Award
12-1986
Document Type
Independent Study
Degree Name
Master of Business Administration (MBA)
Abstract
Prior to 1980, conducting personal financial transactions were relatively simple matters. For instance, to earn interest customers had the option of simply going down to their local savings bank with cash and opening a passbook savings account.
To pay for everyday expenses customers simply wrote checks on their commercial bank checking accounts to cover the amounts of their indebtedness. Then things began to change.
In 1980, Congress adopted the Depository Institutions Deregulation and Monetary Control Act (DIDMC). This legislation enabled free markets and private initiative to flourish in the banking industry.
By "leveling the playing field" for all financial institutions, deregulation eliminated the sharp lines of demarcation that once existed between commercial banks, savings and loan associations, and other financial intermediaries. The time had come for innovation and product development to flourish in the banking industry in order to better serve the needs of customers.
With so much change, bankers found themselves seeking new directions for their financial institutions. They asked: Who are our customers?; What are their needs?; and How can we best serve the needs of our present and future customers?
Paramount to establishing future organizational strategies, however, was the recognized need to know more about the present financial activities of consumers.
Recommended Citation
Richmond, Sharon, "A study towards understanding the propensity of mature consumers in grand forks county to utilize financial products and services following the deregulation of ranking" (1986). Theses and Dissertations. 4800.
https://commons.und.edu/theses/4800
