Retail Banking – What Is Retail Banking And Consumer Banking.
Retail Banking remains one of the core functions of banks. This service is the service that banks offers at the individual level. It is the provision of banking service and product to individual rather than to corporations, companies or rival banks. It can be called consumer banking due to the facts that the services are meant for individual consumption.
Retail Banking services – consumer Banking.
The service rendered at this level of banking includes Personal loans, savings and transactional accounts, debit cards, Mortgages and credit card.
Retail Banking is amongst the range and categories of service offered by commercial banks. This range of service tends to focus more on the individual rather than the bigger corporations.
This consumer banking is listed alongside another service like wholesale Banking, Commercial banking, Investment Banking and other services rendered by banks.
Sometimes, a commercial bank can be used to represent normal, this help makes investment Banking different from Consumer Banking.
Formally in the US after the economic downturn, and Act was instituted in the United State congress. It mandating investment banks to handle all capital markets, while Retail Banking or normal banking engaged only core banking activities.
Later in the 1990s, the Act was repealed. This new move made the commercial banks go all out to offering service beyond the individual. They now handle financial transactions with the corporation. Their service since then has gone above Retail type of Banking or individual transaction.
Types of Retail type Banking.
This type of banking covers private banks, savings banks, accepting savings deposit, postal savings banks and offshore banks.
This service can be accessed in most of the commercial banks around you.