RETAIL BANKING
INTRODUCTION
Define 'Retail Banking'
What is Retail Banking ? Let us see the different definitions of retail banking.
"Retail Banking is a banking service that is geared primarily toward individual consumers. Retail Banking is usually made available by commercial banks, as well as smaller community banks. Unlike wholesale banking, retail banking focuses strictly on consumer markets. Retail banking entities provide a wide range of personal banking services, including offering savings and checking accounts, bill paying services, as well as debit and credit cards. Through retail banking, consumers may also obtain mortgages and personal loans. Although retail banking is, for the most part, mass-market driven, many retail banking products may also extend to small and medium sized businesses. Today much of Retail Banking is streamlined electronically via automated teller machines (ATMs), or through virtual retail banking known as online banking."
"Retail Banking deals with lending money to consumers. This includes a wide variety of loans, including credit cards, mortgage loans and auto loans, and can also be used to refer to loans taken out at either the prime rate or the subprime rate."
"Retail Banking refers to banking in which banking institutions execute translations directly with consumers, rather than corporation or other entities."
Retail Banking refers to "the part of a bank's operations providing services at its branches for small (in bank terms) account holders."
"Banking services offered to individual customers such as savings accounts, personal loans, remittance services etc.,"
"Pure retail banking is generally conceived to be the provision of mass market banking services to private individuals. It has been expanded over the years to include in many cases services provided to small and medium sized businesses. Some banks may also include their "private banking" business (i.e. services to high net worth individuals) in their definition of retail banking."
