INTRODUCTION
Individual customers, as opposed to huge institutions, are the focus of retail banking, which offers financial services. The following products and services are available: certificates of deposit, savings and checking accounts, mortgages, and personal loans, as well as debit and credit cards. Retail banking refers to the practice of a financial institution doing business transactions directly with individual customers as opposed to businesses or other financial institutions.
The following products and services are available savings and transaction accounts, mortgages, personal loans; debit and credit cards; and personal lines of credit. In most cases, the phrase is used to differentiate various banking services may be categorized as either investment banking, commercial banking, or wholesale banking. It is possible to use it to refer to a section of a bank that deals with retail consumers, and it is also possible to refer to these services as personal banking. The bank has made efforts to obtain cutting-edge banking technology as well as a labor force that is both highly qualified and highly motivated.
OBJECTIVES OF STUDY ON RETAIL BANKING SERVICES
- The expansion of market share is the primary aim of the retail banking sector.
- There are a variety of titles given to the distribution methods, including home banking, internet banking, mobile banking, ATM cards, and so on.
- The potential to engage in cross-selling and supply auxiliary services is presented to financial institutions through retail banking.
- The retail banking industry holds up the possibility of reduced transaction costs, increased sales productivity, and increased ease of doing business in general.
LITERATURE REVIEW
The most distinguishing feature of retail banking, which is strikingly analogous to retail commerce, is that retail banking involves the direct execution of transactions with individual customers as opposed to other retail banks or companies. The retail banking industry is distinguished by the existence of different client categories, multiple delivery methods, and multiple products. One or more of the many items might be a kind of financial product, such as a deposit, an insurance product, an investment, or something similar.
One of the numerous distribution channels may be online, while another could be a customer care center. Individual consumers, proprietors of little enterprises, and large corporations are examples of some of the several client categories that may exist.
CONCLUSION
As corporate lending is high risk and often slow moving, retail banking has become a better choice for banks to grow their profitability. Many different class levels of clients make up this industry. This kind of banking offers a variety of tailored products to individuals and small businesses. The danger is spread out as well, and the recovery is excellent. The items may be developed, used, and promoted in accordance with each customer’s needs.
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