Banking is taken up a notch these days. Back in 2013 when I opened my first bank account I was thrilled because I knew that was the last time I visited a bank physically. Everything ever since is working online pretty smoothly for me. All the thanks to numerous efforts and changes in banking systems. I see you are enquiring about what is retail banking and I will get right into it.
Are you looking for best deals on home loan? Check out NoBroker Home loan services and find lowest interest rates What do you mean by retail banking?The term ‘personal banking’ may sound familiar to you. That is the other name for retail banking. Yep, that's right. The services we avail with the bank for our savings account, loans, online banking and much more, all of these are a part of retail banking.
What is the meaning of retail banking?I am sure you are wondering why the hell do you have to call it retail banking? Personal banking is so much more personalised na?
Well, retail banking means that the banking services are strictly for retail customers. It doesn’t cater to corporates or companies.
Features of retail bankingOffers multiple products and services like credit card, debit card, insurance cover, investments and securities
Various distribution channels to cater to customer needs including ATM facilities, bank kiosks, 24/7 helpline, etc.
Varying customers types include individuals, and small businesses
- Mass retail banking:
Offering products and services from retail banking to a large consumer base
- Class retail banking
: Niched customer base gets exclusive and customised banking services. The customers are usually high-net worthy.
I hope your doubts are clear on what is retail banking now and everything there is to know around them.
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Authors Of The Question
What is retail banking?
Manish
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2 Year
2022-04-18T19:35:34+00:00 2022-04-19T06:38:56+00:00Comment
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