Of convenience stores and boutiques: banks embrace one-stop shopping, while independent brokerages go the specialized route.

• Author: Error, Casey
• Position: Businesstrends

IN A PERFECT WORLD, people would be able to buy groceries, make deposits, borrow and invest money, pay mortgages, purchase insurance and leap over tall buildings--all in a single bound. Of course, this world is far from perfect, but we are making tremendous leaps in the financial services arena. It's called one-stop shopping, and it's a trend that's making significant inroads in the banking community.

"Time is the enemy," says Scott Anderson, president and CEO of Zions Bank. "In this time-starved day and age, convenience means a lot. Many people like having everything in one place; for example, our services at Zions Bank include banking, check cashing, new accounts, loans and credit services, investments, trusts, financial planning and insurance services. We provide the full range of financial service products for both consumers and businesses."

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While banks have built the foundation for one-stop financial services, customers are directly responsible for its evolution and continuing success. According to Robert A. Hatch, president and CEO for Wells Fargo Utah, "Providing full financial services absolutely is a focus for Wells Fargo, because this is what our customers want. Our top priorities are to provide our customers with the best products and services, outstanding service and the ability to conduct all their financial services transactions when, where and how they want--24 hours a day, seven days a week."

Service-Centric

Customers relish the fine art of multitasking; that much is certain. But make no mistake--in this land of bigger, better and more, service is still king. "Convenience can mean a lot," says Anderson, "but it doesn't override incompetence. A good lending officer doesn't necessarily know everything about investments. The public picks this up and can tell. Therefore, the success of one-stop banking is the ability to pull in experts."

"People are looking for one person who can meet all their needs," says Rob Brough, vice president of public relations for Zions Bank. "For example, if someone comes to our bank and has a variety of different needs, we'll introduce them to specialists who can service their needs. It all spawns from a single relationship."

Part of the appeal of a one-stop approach also lies in the fact that customers can often leverage their existing relationships to capture discounts and savings on other financial services within the same institution. "In many cases," adds Hatch, "consumers...