The history and future of the Banking Profession

Jul 02, 2020

Riding the next disruption in banking!

 

The history of banking began with the first prototype banks which were the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BC in Assyria, India, and Sumeria. (From Wikipedia, the free encyclopedia).

 

The world financial system and economy cannot function without Banks. At its most basic banks were principally allocate funds from savers to borrowers in an efficient manner. 

 

With Covid-19 and the near-collapse of the world economy, the Central and Commercial Banks are doing their best to relaunch the markets.

 

Well before the recent downturn, factors like technological, economic, geopolitical, demographic, and environmental were converging in an accelerated way to create changes in the mind and behavior of society and the economy in general. 

 

Accordingly causing changes in the banking industry as well.

 

These disruptive forces are changing how banking is done. 

Banks can add customer value by fortifying their foundation and staying true to their core identity as financial intermediaries, matching demand with the supply of capital.

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So the future of Banking – maybe not as we know it today is assured!

 

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