Retail Banking
Retail banking, also known as personal banking, operates directly with individual customers, addressing their personal financial needs. These banks play a pivotal role in collecting customer deposits, which serve as a significant source for facilitating loans to retail clients. Key products in retail banking encompass deposits, credit cards, mortgages, personal loans, and various savings and investment options. They focus on delivering a broad range of consumer-oriented financial services, providing convenience through branches, online platforms, and ATMs.
Key Features:
- Mass Market Services: Retail banks focus on providing services to a broad consumer base, including individuals and small businesses.
- Convenience: Accessibility is prioritized through local bank branches and user-friendly online banking apps.
- Personalized Offerings: Tailored financial solutions cater to the diverse needs of individual customers and small enterprises, promoting a personalized banking experience.
Examples:
Local Bank Branches: These are physical branches accessible to the local population, providing face-to-face banking services and assistance.
Online Banking Apps: These include prominent online platforms that offer convenient and user-friendly interfaces for customers to manage their finances digitally.
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