About Retail banking
The provision of consumer-oriented services to individual customers is known as retail banking. This excludes services to businesses, corporations, entrepreneurs, and other financial institutions. Retail banking is a term used in the financial services industry to describe financial services provided by a financial institution to clients who are not themselves financial institutions. Let us take a closer look at what retail banking is, how it operates, the function of retail banking, and the services given by retail banking in this topic.
Checking and savings accounts, business debit cards, deposit plans, certificates of deposit (CDs), retirement plans, children’s plans, educational plans, mortgage loans, personal loans, business loans, and other various sorts of loans are among the services provided. These services separate banking services from investment banking, commercial banking, and other banking services. Investment banks, commercial banks, and major banks occasionally have department of business relationships with retail consumers.