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When services are offered to individuals as their personal requirements, it is called Retail Banking. Retail Banking financial advice. Retail Banking consists of large volumes of low value transactions. Retail Banking refers to the mobilization of deposit from individual and lending to small business and in retail loan market. should encompass all institutional who provide a range of
Retail banking is banking that provides direct services to consumers. Many people with bank accounts have their accounts at a retail bank and banks that offer retail banking services may also have merchant and commercial branches that work with businesses. For people with high net worth and special banking needs, private retail banking services may be pursued. These offer a high level of service with a number of options that are not available to average members of the public. The most basic retail banking services include savings and checking account. Most retail banks, however, try to make themselves into a one stop shop for banking customers. This increases customer retention and loyalty, ensuring that
the bank has a steady supply of customers. Expanding banking services also provides more opportunities for the bank to turn a profit. Other services can include safe deposit boxes, home and car loans, certificates of deposit, retirement accounts, and investment services. Most retail banks provide customers with debit and credit cards, as well as financing options like home equity lines of credit. Depending on banking regulations, a bank may not be able to offer all of these services at one location but it can partner with other financial institutions to provide conveniently linked services for bank customers. Retail banking is designed to provide people with banking services for life, from college funds opened at the birth of a child to retirement trusts established to pay for old age. Retail banking is a highly competitive market. Many people need retail banking services and they are not afraid to shop around to find the bank offering the best incentives, rates, and deals. Banks can compete with interest rates, account perks such as credit monitoring, and other services designed to entice customers. Some even provide special incentives for customers switching over from rivals, such as bonuses awarded when transferring funds from a rival bank to open a new account. Some retail banks are international corporations with numerous branch banks all over the world. Others operate on a national level. Smaller retail banks may be regional or may even have single branches. Smaller community banks may offer services customized to community members and sometimes receive government incentives for community business reinvestment, such as offering small loans and home loans to people in the community. It is sometimes possible to get more favorable interest .
7) De-mat Services 8) Inter Branch Banking 9) 24- hour Loan Banking 10) 11) 12) 13) Bill Pay Safe Deposit Lockers Debit Cards, Credit Cards and Charge Cards Easy Loan,Free Investment Advisory Service
14.) Banking through Mobile Phone 15.) Free Home Services 16.) Bank assurance 17.) Kid e Bank
6) Improve life style of people through cheap credit 7) Minimum marketing effort in a demand driven economy
HRD Issues a) Motivating frontline staff, project them as sales managers rather than as clerk b) Changing the image of the bank from transaction provider to solution provider Low Cost And No Cost Deposits a) Banks are in need of more s/b a/c and current a/c so that their cost of liability is less NEW BANKING SERVICES TO BE STARTED IN COMING YEARS BY NPSBS More Services through ATMS Smart Cards E-Cheques Wealth Management Services