Necessity of Banks


Do you think without Bank and banking Organizations it is impossible to manage day to day financial transaction. What was way of financial transaction when there was no Bank. Do you prefer Bank with free service or Bank with paid service. What is preference of customers.

Banking Relationships
Banking and Finance
Financial Services
Money Handling
Banking Management
Jatindranath Das
13 months ago

4 answers


Bank means - Trust. You need some kind of trust to ensure the transaction is valid. Without any trust entity there is no proper way to manage the transaction. At a very high level we can always about replacing brick and mortar with virtual systems etc, but the need to system is always there.

Hitesh Mathpal
13 months ago

The UK banking system has been trying to get rid of cheques and one official said they needed 'a paper-based alternative'. In other words, a cheque!

Much of what we do can be handled on-line but there will still be a need for a physical branch for some transactions.

David Cottrell
13 months ago

You need Banks or such institutions to manage the transactions, interest rate and to regulate the flow of money. Now, how you do these operations can be subjective. You may need a physical branch or you can do this via online.

Maya Kharkwal MA, BEd
13 months ago
Agree, - Charu 13 months ago

I think you need some type of entity, regardless of the name to handle certain financial exchanges. Today, I believe you cannot manage your day to day purchases without a bank, credit card company etc. Bitcoin has many limitations for handling day to day purchases and still most large purchases. But technology, AI, etc will significantly change banking as we know it.

Styron Powers
13 months ago

Have some input?