How did the Medici Family convert Florence from a wool indusry to a banking city?

The Medici Family transformed Florence from a wool industry hub to a banking city by leveraging their wealth and influence to establish a robust banking system in the 15th century. They introduced innovative financial practices, such as double-entry bookkeeping, which enhanced the efficiency and reliability of banking operations. Additionally, they expanded their banking network across Europe, facilitating trade and commerce, and attracting wealthy clients. Their patronage of the arts and support for cultural development further solidified Florence's status as a center of finance and culture.