Final answer:
State Farm is able to operate its bank due to technological change in the competitive landscape. This allows them to offer online banking services, reach a larger customer base, and compete effectively in the financial market.
Step-by-step explanation:
State Farm is able to operate its bank due to technological change in the competitive landscape. The improvement in communication technologies, such as the Internet, has allowed State Farm to offer its banking services online. This enables them to reach a larger customer base and provide convenient banking options.
For example, State Farm can offer online banking services that allow customers to manage their accounts, transfer funds, and make payments through their website or mobile app. These technological advancements have made it easier for State Farm to operate its bank and compete in the financial market.
In summary, technological change has enabled State Farm to offer banking services online, expand their customer base, and compete effectively in the financial market.