Banking can be traced from ancient society and emerged from simple methods to the giant free-wheeling institutions seen in the world today. Ancient Origins: Mesopotamia: This banking system can be dated back to around 2000 BCE from Mesopotamia. Temples and palaces in the form of money lenders used tRead more
Banking can be traced from ancient society and emerged from simple methods to the giant free-wheeling institutions seen in the world today.
Ancient Origins:
Mesopotamia: This banking system can be dated back to around 2000 BCE from Mesopotamia. Temples and palaces in the form of money lenders used to accept needy grains and other artifacts and lend them to farmer and merchants.
-Ancient Greece: The Greek city-states especially the Athenians formed an elaborate banking industries. Such structures as temples for secure custody of property and moneychangers performing those services.
-Roman Empire: The Rome Empire had an efficient legal tender and had public banks and individuals who provided money lending services. They had their form of money in the form of coins, as well as complex financial systems like lending, deposit and exchange.
Medieval Europe:
-Italian Banking: Renaissance made Italian cities like Florence, Venice and Genoa as banking and financiers cities. Worthy of note is that the banking industry was initiated by families like the Medici and the Fuggers, through financing trades, governments as well as artists.
-Jewish Bankers: Such populations, as the Jewish, which are restricted from other professions, dominated the banking and financial sphere beginning from the Middle Ages. It provides loans and other financial services to the members in the Jewish community, as well as of other faiths.
-18th and 19th Centuries: The Industrial Revolution leads to vigorous enhancement in banking as essential banks were established to supervise the fiscal system and superintend monetary policy.
-20th Century: Banking also developed in the 20th century specifically in form of commercial banking, investment banking and central banking. To learn more about the roots of today’s various procedures controlling the banking industry, we need to talk about the Great Depression and similar crises which led to the incorporating of more strict principles of their functioning.
-Digital Era: The roll of the new century has been the moment when the digital revolution impacted the banking system through online and mobile banking, and many other fintech solutions.
Banking history is really long and very interesting and dates back to ancient times. Here's a very brief overview: Ancient Origins: -Mesopotamia: The first forms of banking date as far back as 2000 BCE in Mesopotamia. Early banks were in the form of temples and palaces that accepted grain and otherRead more
Banking history is really long and very interesting and dates back to ancient times. Here’s a very brief overview:
Ancient Origins:
-Mesopotamia: The first forms of banking date as far back as 2000 BCE in Mesopotamia. Early banks were in the form of temples and palaces that accepted grain and other valuables, which they then lent out to farmers and merchants.
-Ancient Greece and Rome: In these societies, the temples and money changers provided loans, deposits and currency exchange.
Medieval Europe:
-Italian Banking: During the Renaissance Italian cities such as Florence and Venice and Genoa started to become the banking finance centers. The Medici and Fuggers families established highly influential banking dynasties.
-Jewish Bankers: Jewish communities were actively involved in banking and finances during the Middle Ages. A lot of times they remained the only source of a financial service when others fail to provide it.
Modern World:
-18th and 19th Centuries: This was the period of growth in banking, as central banks were established to control the monetary policy and oversee the financial system.
-20th Century: The modern developments in banking started in this century. The commercial bank, investment bank, and central bank emerged in this century. The Great Depression and several financial crises resulted in tight regulation and oversight of banking.
-Digital Age: The 21st century has seen the digital age, which has revolutionized the banking industry through internet banking, mobile banking, and fintech innovations.
See lessBanking has been with us since the early civilizations. It has developed gradually from simple lending and borrowing to a complex system of financial services. It has helped in the development of economic activities, such as trade, investment, and innovation.