Definition of Retail banking:
Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to consumers as individuals not businesses. Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner. Services offered by retail banks include checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).
Many financial services companies aim to be the one-stop-shop retail banking destination to their individual consumers. Consumers expect a range of basic services from retail banks, such as checking accounts, savings accounts, personal loans, lines of credit, mortgages, debit cards, credit cards, and CDs.
Savings accounts, consumer loans, credit cards, etc., and other such services provided to individuals. Also called consumer banking. See also corporate banking and wholesale banking.
How to use Retail banking in a sentence?
- In the digital age, many fintech companies offer retail banking services purely through the Internet and mobile apps.
- Many financial services companies aim to be the one-stop-shop retail banking destination to their individual consumers.
- Retail banks can be local community banks or the divisions of large commercial banks.
- If you have a good reputation with retail banking you will be able to take out big loans that can really help your business grow.
- Retail banking provides financial services to individual people as opposed to large institutions.
- We really liked retail banking and thought it was a much better system to work with and have alongside us.
- You should always try to have a good reputation with retail banking so that they will loan you money when you need it.
- Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards, and certificates of deposit (CDs).
Meaning of Retail banking & Retail banking Definition