Banking Origins and Evolution
Banking began in ancient Mesopotamia where grain loans were recorded on clay tablets. Over time, banking evolved, with the Knights Templar creating an early form of checking system during the Crusades.
First Official Bank
The world's first official bank, Banca Monte dei Paschi di Siena, was founded in 1472 in Italy. It's still operational, making it the oldest surviving bank in history.
Automated Teller Machines
The first Automated Teller Machine (ATM) was installed in London in 1967. Surprisingly, instead of a plastic card, it used radioactive cheques to access accounts.
Global Banking Giants
The Industrial and Commercial Bank of China is the largest bank in the world by total assets, dwarfing American and European counterparts with its sheer scale.
Cryptocurrency Disruption
Cryptocurrencies challenge traditional banking by enabling peer-to-peer transactions without intermediaries. Bitcoin, created in 2009, was the first decentralized cryptocurrency.
Negative Interest Phenomenon
Banks in several countries like Denmark and Japan have implemented negative interest rates—a counterintuitive concept where depositing money costs you, while borrowing earns interest.
Microfinance Revolution
Microfinance institutions provide financial services to low-income individuals or those lacking traditional banking services. This revolution began with the Grameen Bank in Bangladesh in 1983.
Where did banking originate?
Ancient Rome, with coin loans
Ancient Mesopotamia, with grain loans
Medieval France, with gold deposits
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