Banking Industry Knowledge

We all know the saying, “money makes the world go round”, So why is it that the majority of the population, primarily those of younger age, have little, if any, knowledge on banks and banking? Any citizen that is of age to be dealing with money, should: know the proper type of bank they need, become familiar with mobile banking, and should know the “in’s and out’s” of handling money and banking. Without this basic knowledge, there is simply no way to survive in the real world.

The banking industry and system is constantly changing, and if customers don‘t inform themselves about it, they’ll be left in the dust. Just as you pick up a car to suit your needs, you pick a bank to do the same. Banks come in three categories; big national banks, regional banks, and international banks. Although the options are more limited than cars, each bank has a quality perfect for each customer.

Now, if you travel a lot, a national bank would be perfect for you, as it has ATM’s all over the country along with other benefits. But if you prefer to stay local, a federal bank would be better for you. Without knowing this, one could pick a bank that is inconvenient for them, and miss out on potentially high benefits. The future is here people, and no matter how you want to look at it, technology is a big part of everyday life. Banks have wasted no time, and jumped on the mobile banking scene.

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Although some apps lay buggy and unprepared, others excel in providing a quick convenient service for those people who must bank on the go. It is crucial that you find a bank suitable to your needs, which also has a strong mobile banking base, Why? Because people are always on the move nowadays, and time is money. So the quicker you can deposit a check, or make a transaction, the better off you’ll be. One would think that with all the access to technology the average person in America has today, that they would be at least slightly educated in banking right? Well, think again.

According to Rich Smith in Source 3, Paragraph three, “American teens rank somewhere ‘between Latvia and Russia’”. This is like a slap in the face to America, considering how technologically advanced we are as a nation, and how many open resources are available to the public. These are teens who are entering the “real world”, and they don’t even know how to make a deposit, or write a check! This is a problem that must be addressed if we want to excel and move forward as a nation. It has been shown that having knowledge on banking is a must in today’s day in age, Especially with how fast the banking industry is evolving and changing, keeping up with it all is a necessity. The most important basic banking knowledge one must obtain, is: choosing a proper type of bank so that you don‘t miss out on any benefits, becoming familiar with mobile banking, and learning about banking period, without any knowledge on banking, how can anyone survive in the real world?