The commercial banking system has been around for over 200 years. The industry offers far more services than electronic payments alone. Banks represent a means of pooling the resources of a community so as to lend them out in large quantities to those who will use them to grow that same community in the form of; public works projects, small businesses, real estate development, and the purchase of other big ticket items such as cars and boats.
Without the commercial banking institution, who would go to for a home loan? Who would help fund your dream of being a business owner, and how would those creditors know they could trust you to pay back the money you owe them?
I agree that the modern day banking institution is due for a change, however; I disagree entirely with the idea that banks serve such a limited purpose in our society.
Exactly. What I meant was that what does it offer for consumers and businesses who lend their money to the bank. Bank first needs the money to do those things that I too consider important services. Otherwise I wouldn't give a rats ass about this subject.