What is Retail Banking?

<p><strong>Retail banking, also known as consumer banking or personal banking</strong>, is banking that provides financial services to individual consumers rather than businesses. Retail banking is a way for individual consumers to manage their money, have access to credit, and securely deposit their funds.<br>Services offered by retail banks include <strong>checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).</strong><br>Retail banks are also an important source of credit for individuals. They offer consumers credit to purchase big-ticket items such as homes and cars. This extension of credit can take the form of mortgages, auto loans, or credit cards and is an important facet of the economy as it provides liquidity to ordinary consumers, which helps the economy grow.</p>

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