Download ArticleDownload ArticleHow.com.vn is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. To create this article, 29 people, some anonymous, worked to edit and improve it over time.
How.com.vn marks an article as reader-approved once it receives enough positive feedback. This article received 21 testimonials and 92% of readers who voted found it helpful, earning it our reader-approved status.
This article has been viewed 404,482 times.
Learn more...
You want to throw your hat into the banking ring—but is it even possible to plant roots in such a difficult industry? Don't worry! Many community-oriented banks are opening across the country. With careful planning, the task of opening a bank might not be as impossible as you think.
Steps
Glossary of Banking Business Terms
Community Q&A
- QuestionIs a bank a profitable business?
Community AnswerIf the bank turns out well, it can turn out to be a very profitable business, However, keep in mind that there is lots of competition from experienced banks that have been around for longer. Also, if you want to start a new bank from scratch, you need to have a lot of money. - QuestionIs there a minimum age I need to be before starting a bank?
Community AnswerIn most jurisdictions, it 18 years or older. - QuestionDo I have to have a bachelor's degree to open a bank?
Community AnswerConsider getting a bachelor's or MBA before starting a bank. In most cases an MBA will suffice to teach you enough to know how to run a financial business. Surround yourself by people who are already well experienced in banking, people whose advice you trust.
Tips
- Have officers from the bank make it a regular practice to go to the high schools and elementary schools in the community to teach the next generation the importance of savings and investments. This gets your bank involved in the community and helps build a reputation.Thanks
- Try to have a regional overseer financial group that monitors all other groups’ efforts. Have that group report up to you. Checks and balances are important and establish the important trust between your bank and the community investing with you.Thanks
- Take it global. Introducing your company to the public means garnering more money, as people are willing to purchase stock in your company.Thanks
References
About This Article
Although opening a bank is a complicated process, you can get started by determining what type of bank you should open based on the services you’d like to offer. For example, if you’d like to offer personalized service to people who currently have to deal with large, institutional banks, consider opening a community bank. Once you know what kind of bank you want to open, create a business plan to show how investors will get a return on their money, and start looking for potential investors, like private equity funds or founders groups. To learn more, like how to find the right location for your bank, keep reading!
Reader Success Stories
"It is really difficult to get info like this. It is helpful to know what one needs to do and how to do it. In this age, we need a playing field that competition forces the more established banks to be a lot more responsible and be held accountable when they don't do well. I know what to do, and am grateful to you for providing the information. Thankfully, I know what to do with it."..." more
Did this article help you?
⚠️ Disclaimer:
Content from Wiki How English language website. Text is available under the Creative Commons Attribution-Share Alike License; additional terms may apply.
Wiki How does not encourage the violation of any laws, and cannot be responsible for any violations of such laws, should you link to this domain, or use, reproduce, or republish the information contained herein.
- - A few of these subjects are frequently censored by educational, governmental, corporate, parental and other filtering schemes.
- - Some articles may contain names, images, artworks or descriptions of events that some cultures restrict access to
- - Please note: Wiki How does not give you opinion about the law, or advice about medical. If you need specific advice (for example, medical, legal, financial or risk management), please seek a professional who is licensed or knowledgeable in that area.
- - Readers should not judge the importance of topics based on their coverage on Wiki How, nor think a topic is important just because it is the subject of a Wiki article.
