Q&A for How to Open a Bank

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  • Question
    Is a bank a profitable business?
    Community Answer
    If 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.
  • Question
    Is there a minimum age I need to be before starting a bank?
    Community Answer
    In most jurisdictions, it 18 years or older.
  • Question
    Do I have to have a bachelor's degree to open a bank?
    Community Answer
    Consider 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.
  • Question
    What level of educational background do I have to possess in order to start a money-lending business?
    Community Answer
    Theoretically, no level is required, but practically, you should have a background in economics and banking.
  • Question
    What banking application software should I use to open a bank?
    Community Answer
    Banks usually write their own code from scratch, but you should really implement technologies such as Masterpass, Google Pay, and Apple Pay on your ebanking solution, on the desk site of things. Again, you have to develop software by yourself, a bank is a bank and usually has no trust in open source software.
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