Retail Banking

Retail banking, also known as consumer banking, refers to the provision of financial services by banks and financial institutions directly to individual customers rather than businesses or corporations. It focuses on meeting personal financial needs through products such as savings and current accounts, personal loans, mortgages, credit cards, and fixed deposits. Retail banking aims to make financial services accessible and convenient for the general public through physical branches, ATMs, and digital banking platforms. Example: A person opening a savings account at a local bank, applying for a home loan, or using mobile banking to transfer funds are all examples of retail banking activities.