Definition of Retail Banking
Retail banking is commonly called Consumer banking by the general public. It is a kind of personal banking offered by financial institutes to offer financial services to people.
Retail banking aims to serve the general public of a country. Therefore, it offers useful banking facilities that entail all the financial solutions one seeks in personal banking services.
Retail banking offers typical banking services to the retail customer. It should be noted that these services are not designed to serve financial services to corporations, companies, or any other financial institute.
Retail Banking Services, Its Products, and Offerings
Unlike commercial banks, retail banking offers its services to its customers. Look at some specific financial services retail banking provides customers:
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Transactional accounts
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ATM cards
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Debit cards
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Credit cards
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Cheques
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Personal loans
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Home equity loans
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Certificates of Deposit
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Mortgages
Types of Retail Banking
Retail banking can be further sub-categorized into five major types of retail banking systems, such,
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Community Banks or Small Banks
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Large Banks
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Private Banks
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Online Banks
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Post Offices