You might think that banks are a modern day miracle. But they were here long before that. In fact, development of banking spread from northern Italy throughout the Holy Roman Empire. In the 15th and 16th century, banking spread to northern Europe.
During the 20th century, thanks to development in telecommunications and computing, banks evolved rapidly. These new developments caused changes in banks’ operations and let banks dramatically increase in size and geographic spread.
According to some estimates, banking assets equal to 56% of the US economy. As of January 2020, there are 5,177 commercial banks and savings institutions in the US alone.
This documentary will help you understand how banks evolved from the tiny organizations in the Holy Roman Empire, to the empire they represent today.
