Banks, insurance companies contend for relationships

Ten years ago, people banked at banks and bought insurance from insurance agents. Now customers are likely to find banking services at insurance companies and insurance offered at banks.

For the companies that provide the services, it’s all about keeping a strong relationship with loyal customers.

“Companies are positioning themselves to capture the customer attracted to a relationship,´ said Ed Gabrielsen, regional financial services leader for Allstate’s West Central Region, a nine-state region that includes Colorado.

Allstate, known as an insurance company, started Allstate Bank about five years ago. It’s a virtual bank, which means there are no branch locations, but it…