What is the role of retail banking? The role of retail banking is to help individual consumers manage their money, gain access to credit, and deposit their money in a secure way. Retail banks offer checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs). Retail banking provides financial services to the general public. Also referred to as consumer or personal banking, this side of the industry allows consumers to manage their money by giving them access to basic banking services, credit, and financial advice. Broadly speaking, there are three main retail bank types. They are commercial banks, credit unions, and certain investment funds. All three retail bank types work toward providing similar banking services. These include checking accounts, savings accounts and mortgages. Retail banking helps the Indian banking industry by providing a wide range of innovative services. Mortgages, loans (e.g., personal or housing, auto and educational) on the asset side are the more important products offered by the banks. Related ancillary services include credit cards and depository services.

Prachi Garg

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