Finance, Banking And Finance Industry

2170 WordsNov 27, 20149 Pages
When you drive up to your bank or walk up to your teller, your main goal is to complete your transaction and move on with your day. The last thing on your mind is how that transaction is taking place. You don’t care what happens behind the scenes as long as your money is where it needs to be and is safe. As the banking and finance industry has transformed, so has the process of how your money is handled. To accompany those changes, regulators and lawmakers create laws designed to protect consumers, banks, and the economy as a whole. As you will learn, the history of the banking industry has changed drastically over the last two thousand years and even more so in the last century with the advance of technology. It only makes sense that those lawmakers must continue to update and invent new regulation to further protect those interested parties. My goal is to demonstrate just how rapidly and radically the finance industry has changed and how new elements being introduced to finance and banking will adapt the industry and the regulation. In the world of finance and financial services, banking has been around longer than any other segment of that world. For more than two millenniums, bankers have served as “money changers” who aided people in exchanging foreign for local currencies. As this practice grew and many began to throw their funds into the banking system, the services that banks performed multiplied. Loans were granted and bankers collected interest. Most of
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