Financial Terms Dictionary: ELI5 Version - Banking

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Banking:

a multifaceted financial service industry that encompasses the intermediation and management of monetary resources, primarily involving the mobilization of deposits from the public and the subsequent allocation of these funds through lending and investment activities. At its core, banking functions as an intermediary between surplus units, such as households and corporations with excess funds, and deficit units, typically comprising individuals and enterprises in need of financial resources.

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