Raiffeisenbanken are cooperative banks that originated in Germany in the mid-19th century, founded by Friedrich Wilhelm Raiffeisen. They aim to provide financial services to local communities, focusing on supporting small businesses and individual members. These banks operate on the principle of mutual assistance, where profits are reinvested into the community rather than distributed to external shareholders. Today, Raiffeisenbanken are prevalent in several countries, particularly in Austria and Germany. They offer a range of services, including savings accounts, loans, and investment products, while emphasizing customer service and local engagement. Their cooperative structure allows members to have a say in the bank's operations and decisions.