This is not a good thing. Branch Manager who was a friend, may not be aware of the number of customers of the branch, frontline staff may be ignorant of features of the varied products on offer. Technology emerged as the backbone of banking operations, revolutionizing service delivery through new platforms and channels.
It is certainly essential that the money market, where the central bank makes transactions, be sufficiently developed in both qualitative and quantitative terms. In this regard, Japan will soon have a fully fledged FB market with the introduction of a public auction system for FB issues.