Technically there are two approaches through which we can open a new bank account. First one is "Top Down Approach" and the Second Approach is "Bottom Up Approach", in both approaches we evaluate the product and take the rational decision that best fit with our needs.
Now lets discus each Approach Separately and understand the logic behind each Approach.
1. Top Down Approach: In Top Down Approach We Select the Bank First, and Evaluate the Products of that bank and take the decision by selecting the product, So we can say that the process starts from Selecting the Bank First, Assessing Your Need, Evaluating the Products and then Take Rational decision. Now lets take an example For Example, In Our Country Pakistan there are soo many banks but out of all banks you select Bank Al Habib Ltd, after selecting the Bank your start evaluating that what is your need, say suppose you are a business person and you want to run the account on the name of your business, So it means that you need Current Account, Now you will search the products of bank that what sort of current accounts Bank Al Habib currently offering and you come to know that Current Plus account is the only account that matches and full fill my needs.
2. Bottom Up Approach: Bottom Up Approach is the reverse case of Top Down Approach, In this Approach First of all we Assess our needs then evaluate the products of all banks and then select the product and after do the analysis that which bank is offering the same product with low cost, in simple words we do cost benefits analysis. So we can say that the process start from Assessing the Need, Evaluating the Products and then Selecting Bank. For example, You are a Business Person and want to open a bank account, first of all you assess your needs, Like you need free SMS alerts, you needs free bankers cheque facility for your business. So after assessing you need your start search and evaluate the all banking products, After that You come to know that current account can full your needs. Now you do cost benefit analysis that which Bank is offering the same product with minimum cost. You come to know that Bank Al Habib is the bank which is offering all the facilities that you need to run your business with minimum cost.