What is retail banking

Question

Accepted Answer

Retail banking refers to the provision of financial services to individual customers, such as personal loans, mortgages, and savings accounts.

Retail banking focuses on serving individual customers rather than businesses or corporations.
It includes services like checking and savings accounts, personal loans, mortgages, credit cards, and investment products.
Retail banks typically have physical branches and also offer online and mobile banking services.
They provide a wide range of financial products and services to meet the needs of individual customers.
Examples of retail banks include Bank of America, Wells Fargo, and JPMorgan Chase.

Accepted Answer

Retail banking is known as consumer banking and it provides financial services to individual consumers rather than businesses