Explain Advantages of Retail Banking and Examples of Retail Banking Products
Advantages of Retail Banking :
* Convenience : Customers have access to their accounts and services through various channels, including branches, apps, and ATMs.
* Personalized Services : Many retail banks offer tailored products and advisory services based on the customer's needs and financial goals.
* Stability for Banks : Retail banking generates stable revenue for banks due to a large customer base and recurring transactions.
* Economic Growth : By providing loans and credit, retail banks enable individuals to invest in housing, education, and other areas, driving economic activity.
Examples of Retail Banking Products :
* Savings Account : Offers interest on deposits for individual customers.
* Mortgage Loan : Provides funds to buy or refinance a home.
* Credit Card : Allows customers to borrow money up to a pre-set limit for purchases.
* Personal Loan : Offers financing for individual needs such as education, travel, or medical emergencies.
