Government regulations effecting wage laws, lending regulations and how financial services are offered will help to protect business and consumer customers and will have a significant impact on the supply of financial services in the market place. According to Wells Fargo Bank (2015) “more than 4,500 bank locations have fully digitized processing of deposits, withdrawals, payments, and other teller transactions. For most transactions, customers make their selections on a touch screen interface, without filling out a paper slip” (pg.8). Wells Fargo continues to invest heavily into forward thinking technology that meets the market demand of its customers. As Wells Fargo continues to invest in different distribution channels and advanced…show more content… Within each business line, Wells Fargo offers complimentary products to enhance the services provided while increasing the size of the relationship with the consumer of business customer. For example, consumer checking by itself is one product and very easily moved to another financial institution. Complimentary products such as debit cards, online, bill pay, direct deposit, credit card and savings accounts provide value that customers need and with these complimentary products customer stays longer with one company. The demand for these complimentary products increase as the economic factors improve that affect income within households and the demand for checking and debit card services become inelastic. Checking and debit card services are needed to conduct basic financial transactions and the demand for the basic services will continue to increase as technology increases with the payment of goods and services while consumers use alternative sources of payment. In the short run new consumers entering the market will require basic financial banking products and services that are necessary to conduct transactions that would require a checking account with a debit card to pay for basic needs such as…show more content… Capital or sunk costs are being used for research and development into technology to ensure that Wells Fargo is positioned to assist greater numbers of customers now and in the future. New technology such as Apple Pay allows customers to pay for phone, gas, groceries and pay bills. According to Robert Hof, 17% of smartphone users initiated an electronic transaction using their iPhone in 2013 which was up 11% from 2012 (Hof 2015). Technology is changing how consumers and businesses send and received payments. Wells Fargo needs to reduce the need for paper documents and products need to be delivered to the customers through smart