How Did Medieval Banking Work Without Modern Conveniences?
Banking during the Middle Ages and Renaissance was a risky business
Today, people can take out their phones, click a small button and unlock access to the entire modern banking system. People can pay their bills, open a credit card, secure a mortgage, order a car, see their balances, transfer their balances, and a whole lot more with just a few keystrokes. This can be done from a subway car, from a restaurant, or hiking in the woods. Banking has become easier than ever and that begs a question.
How did Medieval banks do it? How did the earliest banks function without the conveniences that we enjoy today? Surprisingly, the answer is much like they do it today.
Banking Obstacles In The Medieval World
The Medieval period and the early Renaissance provided a slew of challenges for bankers trying to turn a profit. Communication was slow. People did not carry identification. Charging interest was illegal. War and changing politics upended the landscape with alarming regularity. The results turned banking into an extremely risky business. Many Medieval banks outright failed and many of them failed quickly.
