hIn this article, we’re sharing the retail banking meaning, services, comparisons, and more.
This will include a direct comparison to other popular types of banking, a discussion of who can access retail banking, and answers to common questions we receive on the topic.
This article is part of our series on bank account opening in different countries, which you can access for free by following the link above.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Retail Banking Meaning
- Retail Banking vs Private Banking
- Retail Banking vs Corporate Banking
- Who Can Open Bank Accounts With Retail Banks?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Retail Banking Meaning
Retail banking, meaning personal or consumer banking, is the collective banking and financial services used by individuals to manage their day-to-day financial requirements.
These services include basic savings and checking accounts, credit services like credit cards and mortgages, and fixed deposits like term deposits or certificates of deposit.
Here is a closer look at all the retail banking products offered to individual consumers.
Retail Banking Products
- Savings account
- Checking account
- Physical check
- Debit card
- Credit card
- Online banking
- Mobile banking
- Telephone banking
- Personal loans
- Personal lines of credit
- Mortgages
- Automotive financing
- Certificates of deposit (CD)
- Money market accounts
- Tax-sheltered accounts (TFSA, IRA, RRSP, etc)
Retail Banking vs Private Banking
The main difference between retail banking and private banking is that retail banking offers day-to-day financial services while private banking offers services that involve investments, asset allocation, and more. Additionally, private banking typically requires an initial deposit of a few hundred to a few thousand dollars while private banking typically requires a few hundred thousand dollars to a few million dollars.
Retail Banking vs Corporate Banking
The main difference between retail banking and corporate banking is that retail banking caters to individual consumers while corporate banking caters to large corporations. As a result, the specific services offered through retail banking involve basic day-to-day financial services while corporate banking offers services that support cross-border transactions, large financing requirements, staff-related financial requirements, and much more.
Who Can Open Bank Accounts With Retail Banks?
Most retail banks have specific clients that they are looking to serve, this means that anyone within their target market will be able to apply for accounts. However, there are two main groups that are able to open accounts with retail banks, including:
- Residents of the country where the bank is located
- Small businesses registered where the bank is located
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the meaning of retail banking. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Are the Examples of Retail Banking?
Examples of retail banking services are those services accessed by individual consumers to support their day-to-day financial requirements. These requirements may include paying for expenses, and utilities, receiving their pay, paying major bills like mortgages and other financing obligations, as well as debit and credit cards.
What Is Retail Banking in India?
Retail banking in India, like elsewhere, refers to the services offered to individual consumers that require banking services. This includes savings accounts, checking accounts, debit cards, credit cards, online banking, personal loans, mortgages, and more.
What Retail Banking Means?
Retail banking means banking services that cater to the specific needs of individual or consumer clients of a bank. These services include basic bank accounts like checking and savings, basic services like debit cards and credit cards, and financing solutions like personal loans, home equity loans, and mortgages.
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