Banking: meaning, definitions and examples
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banking
[ ˈbæŋkɪŋ ]
finance sector
Banking refers to the business conduct of accepting deposits, offering loans, and providing other financial services. It is essential for facilitating economic transactions and supporting financial systems by allowing individuals and businesses to manage their money. Banks, credit unions, and other financial institutions engage in banking to help customers with savings accounts, checking accounts, mortgages, and investment services. The banking sector plays a critical role in the economy by influencing the availability of credit and the flow of money.
Synonyms
banking services, finance, financial institution.
Examples of usage
- I need to visit the bank for some banking services.
- He works in the banking industry and specializes in loans.
- The banking system is vital for economic stability.
Translations
Translations of the word "banking" in other languages:
🇵🇹 bancário
🇮🇳 बैंकिंग
🇩🇪 Bankwesen
🇮🇩 perbankan
🇺🇦 банківська справа
🇵🇱 bankowość
🇯🇵 銀行業
🇫🇷 banque
🇪🇸 banca
🇹🇷 bankacılık
🇰🇷 은행업
🇸🇦 البنكية
🇨🇿 bankovnictví
🇸🇰 bankovníctvo
🇨🇳 银行业
🇸🇮 bančništvo
🇮🇸 banka
🇰🇿 банктік
🇬🇪 ბანკინგი
🇦🇿 bankçılıq
🇲🇽 banca
Etymology
The word 'banking' is derived from the Italian word 'banco', which means 'bench'. In medieval times, moneylenders and traders would conduct their business on benches in public places, particularly in marketplaces. These benches, or 'banchi', became synonymous with the act of banking as we know it today. The term 'bank' began to take on a more formal definition in the 15th century as the concept of banks evolved into distinct financial institutions. By the 17th century, with the establishment of the Bank of England and other banking entities, the term 'banking' became widely recognized in the context of financial transactions and services. Throughout history, banking has transformed significantly with the advent of technology, leading to new banking methods and services such as online banking, mobile banking, and digital currencies.