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In the past decade many events have affected the financial services industry, especially for the banking segment. “Events such as deregulation of deposit rates, the fall of geographic barriers, an economic downturn, and increasing non‐bank competition, have all caused the banking industry's policies and leadership practices to be re‐evaluated by such authorities as shareholders, directors, regulators, and management itself” (Want, 1990). Also, due to industry pressures, many banks are having to stretch themselves into market sectors and services that would otherwise have been unheard of just a few years ago. Tough times have arrived, and throughout the industry banks are seeing slower growth in loans, deposits, and fee income. Overall, these changes have required some type of reaction from the banking industry in order to survive. “Conventional reactions to these types of industry changes could entail any of the following: cost cutting, revamping of the organisational structure, acquisitions of other financial institutions, sale of marginal businesses, elimination and reduction of support staff functions, new technologies and training efforts to improve operational efficiencies, and new marketing strategies” (Want, 1990). While any one of these strategies may be successful for some organisations, they can result in a detriment to others. “A key success factor in using these strategies is not to use any one of them in isolation. In fact it is suggested that a combination of strategies be used to incorporate one corporate strategic plan” (Want, 1990).