The Word “Bank” in Banking as Known at Present

As I’m not a banker, even never worked in a banking institution, but since I became an adult I have had to go in and out of several banks; a week ago became interested in knowing more about banking & financial business. First of all, I was wondering why a financial industry is called a “bank”, where does the word come from? Of course, nowadays it is easy to ask “Grandpa Google”. To a lot of surprises the term “bank” for banking which extends various financial services is similar to the name for a sitting seat in Indonesian; “bangku”, and true enough here is an excerpt from Google: The word bank is taken from the Italian word “banco”, simply meaning a seat for two or more two persons, usually placed in public areas. These “bancos” are exactly the same as the Indonesian word “bangku”, until at present made available in public gardens or parks, in railway or bus stations, in several waiting rooms or open places for the public while waiting for any service.

The first banks in Europe originated in medieval Italian city-states such as Florence, Genoa, and Venice. Sure enough, we are familiar with the history of the merchant of Venice. We also know that trading during the Roman Empire was the start of trade, export-imports of goods in Europe where the business people needed these financial services. So, during these early days, bankers were sitting by two or more officers on a “banco”, bench in English, and “bangku in Indonesian.

In medieval times the first banks were places positioned in the squares and markets where bankers sat on a bench facing a square table where notes and coins were gathered. These were the first banks servicing any transaction from money changing, to lending money and receiving the money to be deposited by merchants, dealers, or any kind of business people.

Even Christians who should know the story of when Jesus threw over benches and tables were at that time financial dealers servicing money transactions in front of the synagogue, where the Jewish assembly or congregation meets for religious worship and instruction. The synagogue became a crowded public place on every Sabbath, the day of the prayers.  Outside or on the verandas merchants find it a most favorable place to do trading, and selling goods, and even cattle were offered to visitors.

In Bahasa Indonesia or simply the Indonesian language, the word “Bank” which stands for a financial institution is just adapted as it is written and pronounced by English-speaking people. Actually, the word “Bank” became a word well known by the whole world. Only when I became curious where that word originated from I then “googled” it. I was triggered knowing it when last week I got an offer to do a presentation on Business English Communication in Plain English. The class wherein a did my presentation was filled with senior and young managers of a banking institution, and….nobody has thought about knowing this interesting finding as the word “Bank” derives from the medieval Italian customers servicing financial matters that the early bankers needed to sit together on a “bench”, a bench in English and very close writing and pronunciation adapted in Indonesian as “bangku”.

Ludwig Suparmo – Strategic Communication Specialist – Lead Trainer:

English for Special Purposes; Crisis, Issue & Risk Management;

Governance Risk Compliance Management.