Bank a term that has become an integral part of our lives from saving money, booking online, tickets, taking a loan to any of the money related operations
banks have become the bridge that connects us with money, but how did they come into existence all of a sudden?
Let’s turn over the pages of banking history :
the first banking system was started in Italy, in the Middle Ages, Italians used to carry out their commercial trading and transactions sitting on a bench, in Italian, the word Banco refers to a bench with the intervention of many clients and customers, the word Banco underwent changes and became Bank
Technically banking system was started right in the Paleolithic Age with the advent of barter system, people exchanged and traded goods they already had for things they needed it was beneficial up to the point when people felt that they required a common commercial tool for trading , as gold was commonly used by everyone people started using gold coins as a trading tool which led to the birth of banks, the inception of banks was mainly due to two kinds of people : the merchants and the Goldsmith’s, the traditional banking system was initiated through the concept of safe deposits, when the merchants traveled all over the world they needed a place to safeguard their gold coins hence they approached the Goldsmith’s to store these sublist code in their safety walls, this is how safe deposits came into existence, when the money was idle in the safety world he cold Smith started lending it to people earning an interest from it, he also give a part of the profit to the merchants as an incentive encouraging them to deposit more gold coins with him ,there is pale gray for the Savings Bank or deposit scheme in the later stages, and is still considered to be one of the safest investment plans, these can be rightly called the stepping stones to the conventional banking system
The world’s first bank is the Bank of ST. George in Italy which was founded in fourteen not seven whereas MONTE DE PASSKEY is the oldest surviving bank since its inception in 1472, with technological advancement the whole banking process is now confined to small mediums like computers and Mobile’s which is made banking a simpler process just click on your computer and you’re into the money world in no time