Answer to Question #303595 in Finance for Andrick Angel

Question

What are the ten key factors of the importance of the banking industry? 10marks

Answer 1

1. Banking industry provides safety of of money storage.

2. It gives loans to people hence building economy.

3. It gives interests to depositers which prevents loss of money against inflation.

4. Banks offer financial advice including insurance.

5. Banks assist in wealth management.

6. They facilitate various day-in-day business transactions.

7. Banks provides job to their employees which boosts the economy.

8. Encourages savings hence promoting personal financial discipline.

9. Modern banks reduces costs of payments through direct transactions.

10. Banking industry facilitate foreign trade and stock market.