A person who never made a mistake never tried anything new. - Albert Einstein
With retail banking services, banking institutions can perform transactions directly with consumers rather than through other banks and corporations. These services include transactions involving debit cards, credit cards, mortgages, checking accounts, certificates of deposit (CDs), personal loans, savings accounts, and more. Through mass-market retail banking, consumers access the local branches of large commercial banks.
These branches act as a one-stop location for various financial services. Some retail banks also offer brokerage accounts, as well as wealth management, retirement planning and private banking services. Due to regulatory reasons, some of these services are outsourced to third parties, but they often come along with core retail banking accounts to allow smoother transfers.
The customer is very important when it comes to retail banking services. The banking environment is very competitive today and a way to ensure success is to maintain solid relationships with customers. This includes offering convenience and ease. Therefore, if a retail bank is to survive, it needs to focus on rapid product introductions, innovation, and expanding its customer base with attractive products. Services like online banking ensure that customers receive the care they need. With electronic and traditional models available to the public, retail banking is quite attractive to the public.