Bank $1$ and Bank $2$ are considering entering a compatibility agreement that would permit the users of each bank$$s automated teller machines $($ATMs$)$ access to the other bank$$s ATMs. Bank $1$ has a network of branches and ATMs extending from the U$.$S$.$ to Mexico. Bank $1$s $12$ million customers currently have access to only the $10,000$ ATMs owned by the company in the U$.$S$.$ While Bank $2$s core account holders are located in Mexico and the southwestern portion of the United States, the company is expanding across the United States. Bank $2$ has $15$ million customers who can use any of its $14,000$ ATMs.

Using the idea of network externalities, describe how such an agreement between Bank $1$ and Bank $2$ would benefit consumers.

What is the business rationale for such a strategy between Bank $1$ and Bank $2?$

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