Explain in your own words why banks exist (again you cannot paraphrase). Be as specific as...

Explain in your own words why banks exist (again you cannot paraphrase). Be as specific as you can. Think about what problems they solve.

Expert Solution

To act as an intermediary between depositors and borrowers basically - but there are changes to the normal banks therein nowadays banks provide a lot of latest functions to its customers apart from loans and deposit holdings. Savings accounts, mortgages, financial market investments etc. Banks exist primarily to supply a secure place to store wealth held within the sort of readily available money.

As a result of various activities - without which the bank would not make any money - banks are considered vital to economic development through their prudent investment of portions of the wealth stored in them. Banks also are considered integral to varied other functions associated with the management of the nation's funds and systems of credit.

However, no matter what banks now do, they exist first and foremost as a secure place to store wealth held within the sort of readily available money. If a bank can't do that, it quickly loses credibility as a bank.

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Rahul Sunny answered 9 months ago

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