A bank is a financial institution 金融机构and a financial intermediary 金融中介机构that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection连接 between customers that have capital deficits不足者 and customers with capital surpluses.盈余
Due to their influence影响 within a financial system金融体系 and the economy, banks are highly regulated控制 in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve储备 of the funds deposited and lend out the rest for profit. They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accords.巴塞尔协议
Banking in its modern sense evolved发展 in the 14th century in the rich cities of Renaissance文艺复兴 Italy but in many ways was a continuation of ideas and concepts of credit and lending that had its roots in the ancient古代的 world. In the history of banking, a number of banking dynasties 朝代have played a central role over many centuries.
History
Banking in the modern sense of the word can be traced 追踪到to medieval 中世纪and early Renaissance Italy, to the rich cities in the north like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated受控的 banking in 14th century Florence, establishin 使立足于 branches in many other parts of Europe.[1] One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397.[2] The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy.[3]
The oldest bank still in existence is Monte dei Paschi di Siena, headquartered设总部 in Siena, Italy, which has been operating continuously since 1472.[4] It is followed by Berenberg Bank of Hamburg (1590)[5] and Sveriges Riksbank of Sweden (1668).
Origin of the word
The word bank was borrowed借 in Middle English from Middle French banque, from Old Italian banca, from Old High German banc, bank "bench, counter". Benches长凳 were used as desks or exchange交易 counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths.[6]
One of the oldest items found showing money-changing activity is a silver银 Greek drachm coin from ancient Hellenic colony侨民 Trapezus on the Black Sea, modern Trabzon, c. 350–325 BC, presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with 载满coins, a pun on the name of the city. In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank.
Definition
The definition of a bank varies from country to country. See the relevant country page (below) for more information.
Under English common law, a banker is defined as a person who carries经营 on the business of banking, which is specified as:[7]
- conducting current accounts for his customers,
- paying cheques drawn on him/her, and
- collecting cheques for his/her customers.
In most common law jurisdictions权限 there is a Bills of Exchange汇票 Act that codifies the law in relation to negotiable instruments,可转让票据 including cheques, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated 组成公司or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis法律依据 for bank transactions such as cheques does not depend on how the bank is organized or regulated.
The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
- "banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority权威 may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
- "banking business" means the business of either or both of the following:
- receiving from the general public money公款 on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
- paying or collecting checks drawn by or paid in by customers.[8]
Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale电子资金售点转账), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect checks.[9]
Banking
Standard activities
Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH自动化交易所), Wire transfers or telegraphic transfer, EFTPOS, and automated teller machine (ATM).
Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits,定期存款 and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, 分期偿还的借款and by investing in marketable debt securities and other forms of money lending.
Banks provide different payment services, and a bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account.
Banks can create new money when they make a loan. New loans throughout the banking system generate new deposits elsewhere in the system. The money supply is usually increased by the act of lending, and reduced when loans are repaid faster than new ones are generated. In the United Kingdom between 1997 and 2007, there was a big increase in the money supply, largely caused by much more bank lending, which served to push up property prices and increase private debt. The amount of money in the economy as measured by M4 in the UK went from £750 billion to £1700 billion between 1997 and 2007, much of the increase caused by bank lending. [10] If all the banks increase their lending together, then they can expect new deposits to return to them and the amount of money in the economy will increase. Excessive or risky lending can cause borrowers to default, the banks then become more cautious, so there is less lending and therefore less money so the economy can go from boom to bust as happened in the UK and many other Western economies after 2007.
Channels
Banks offer many different channels to access their banking and other services:
- Automated Teller Machines
- A branch is a retail location
- Call center
- Mail: most banks accept cheque deposits via mail and use mail to communicate to their customers, e.g. by sending out statements
- Mobile banking is a method of using one's mobile phone to conduct banking transactions
- Online banking is a term used for performing multiple transactions, payments etc. over the Internet
- Relationship Managers, mostly for private banking or business banking, often visiting customers at their homes or businesses
- Telephone banking is a service which allows its customers to perform transactions over the telephone with automated attendant or when requested with telephone operator
- Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a video conference enabled bank branch clarification
Business model
A bank can generate revenue in a variety of different ways including interest, transaction fees and financial advice. The main method is via charging interest on the capital it lends out to customers.[citation needed] The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities.
This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle. Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance.
In the past 20 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm-Leach-Bliley Act, which allows banks again to merge 合并with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping一次购足" by enabling cross-selling of products (which, the banks hope, will also increase profitability).
Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise be denied credit.
Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make transactions and smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home).
However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the credit- debit - cards. This helps in making profit and facilitates economic development as a whole.[11]
Products
Retail banking
- Checking account
- Savings account
- Money market account
- Certificate of deposit (CD)
- Individual retirement account (IRA)
- Credit card
- Debit card
- Mortgage抵押
- Home equity loan住房贷款
- Mutual fund共有基金
- Personal loan
- Time deposits
- ATM card
- Current Accounts
- Cheque books
Business (or commercial/investment) banking
- Business loan
- Capital raising (Equity / Debt / Hybrids)
- Mezzanine finance
- Project finance
- Revolving credit循环贷款
- Risk management (FX外汇, interest rates, commodities, derivatives衍生)
- Term loan
- Cash Management Services (Lock box, Remote Deposit Capture, Merchant Processing)
Risk and capital
Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Some of the main risks faced by banks include:
- Credit risk: risk of loss[citation needed] arising from a borrower who does not make payments as promised.
- Liquidity risk: risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit).
- Market risk: risk that the value of a portfolio, either an investment portfolio or a trading portfolio, will decrease due to the change in value of the market risk factors.
- Operational risk: risk arising from execution of a company's business functions.
- Reputational risk: a type of risk related to the trustworthiness of business.
- Macroeconomic宏观经济 risk: risks related to the aggregate economy the bank is operating in.[12]
The capital requirement is a bank regulation, which sets a framework on how banks and depository institutions must handle their capital. The categorization of assets and capital is highly standardized so that it can be risk weighted (see risk-weighted asset).
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