Why does the average person need a bank?
Banks fulfil a variety of needs: depositing money to keep it safe and having access to it; investing it; transferring money to someone – to purchase goods or services, pay bills or to fulfil a commitment; borrowing money to buy something. This is what 99% of people use a bank for. Until 10 years ago, banks had a ‘monopoly’ on all of the above. Today, I am not so sure. Traditional banking’s market penetration isn’t even Banks’ market penetration, despite of being around for ce