Retail Banking is the provision of consumer-oriented services to individual consumers. This does not include services to companies, corporations, entrepreneurs or other banks. In financial services, retail banking refers to financial services offered by a financial institution to consumers who are not themselves financial organizations. In this topic, let us understand what is retail banking, how retail banking works, role of retail banking and services provided by retail banking in depth.
Services offered include checking transactions and saving accounts, business debit cards, deposit plans, certificates of deposit (CDs), retirement plans, children plans, educational plans, mortgage loans, personal loans, business loans and other diversified types of loans. These services distinguish banking services from banking services like investment banking, commercial banking, etc. In some cases Investment banks, commercial banks or large banks persevere department of business relationship with retail customers as well.