Retail Banking Industry Overview - Introduction

How does the Retail Banking Industry work? Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to individual consumers rather than businesses. Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner. Retail banking helps the bank to lower the cost of deposit and operations. It also reduces the risks stemming from dependency on large loans.

Retail banks provide a variety of services to the general population, including bank accounts, fixed deposits, credit and debit cards, loans, and so on. These services assist customers in effectively managing their finances. Deposits and withdrawals, for example, can be made both online and in a bank branch. Retail banking provides financial services to individual consumers rather than large institutions.

Personal banking accounts and services are the primary focus of retail banks. Commercial banks are primarily concerned with serving businesses. They may provide many of the same alternatives, but on a size that is appropriate for commercial purposes. Many banks provide commercial as well as retail services.

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Grow Your Knowledge, Retail Banking Industry (Part 1): Introduction

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