Retail banking, also known as consumer banking, refers to the division of a bank that directly deals with individual customers rather than businesses or institutions. It provides financial services and products tailored to meet the needs of individual consumers for personal financial management.
Key Features of Retail Banking :
Customer Focused : Retail banking serves individual customers, offering services like savings accounts, personal loans, mortgages, and credit cards.
Wide Accessibility : Retail banking services are delivered through branches, ATMs, online banking, mobile banking apps, and customer service centers.
Variety of Products : Retail banking caters to everyday financial needs, offering a broad range of products such as:
* Deposit Accounts: Savings accounts, current accounts, and fixed deposits.
* Lending Products: Personal loans, auto loans, home loans, and credit cards.
* Investment Services: Mutual funds, fixed income products, and retirement accounts.
* Insurance Products: Life insurance, health insurance, and general insurance policies.
Fee-Based Services : Retail banks often offer fee-based services like wealth management, lockers for valuables, and financial advisory.
