Definition ∞ A bank is a financial institution authorized to accept deposits and make loans. These entities serve as intermediaries between savers and borrowers, facilitating economic activity through various financial services. Banks operate under specific regulatory frameworks, providing essential functions like payment processing, credit provision, and asset management for individuals and businesses. Their operations are central to traditional financial systems.
Context ∞ The conventional bank definition is presently undergoing reevaluation due to the emergence of digital assets and decentralized finance. Regulators are assessing how existing banking laws apply to entities offering crypto-related services, leading to debates about licensing and operational requirements. This ongoing discussion will likely shape the future scope of financial services, particularly where traditional and digital finance intersect.
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