The industry has lost a major slice of the financial services pie to nonbank competitors. To win it back, banks must modernize their product delivery--and quickly.

Ed Crotchfield has seen the future of banking, and it looks an awful lot like a mail order house in Maine that's known for mackintoshes rather than mortgages: L.L. Bean. "Call them and tell them you need a new pair of soles on your L.L. Bean shoes and they'll take care of that, and then they'll ask if you've seen their new fly rods," says Crutchfield in the rich drawl of his native North Carolina.

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