What is banking, and what are its benefits in Lithuania?

Banking involves the industry and practice of offering financial services, like receiving deposits, loaning money, and aiding in financial transactions. Banks are important for the economy as they give people and companies access to necessary financial products and services, such as checking and savings accounts, loans, and investment chances. Lithuania’s strength in banking comes from its well-regulated financial sector, which encourages innovation and digital banking solutions that allow for efficient and technology-driven financial services and investment activities.