About Consumer Banking
Consumer banking, commonly known as personal and retail banking, is a financial assistant to individual customers. This is not serviceable only to businesses; instead, people can use it for their banking management. Avail services of savings accounts, banking, credit management, loan, mortgages, etc., for safe and secure personal money management.
Consumer banks also vary in different sizes. Many local and small banks strive for retail banking, while there are numerous large and global corporate banks like Citibank. .
Types of Consumer Banks
Small banks, also known as community and local banks, are limited to communities. Several communities run these for their members only. But these have their outlets at several locations depending upon the crowd present. Thus, providing banking, loan, and deposit services efficiently to them.
Large Banks: These are the big and recognized banks generally run globally. Their outlets are at busy streets and metro cities where larger authorities and masses access them.
Online Banks: These do not have a physical presence but are popular for quick banking- wherever and whenever. This is also a good option if one wants to minimize fees.
What Is Included In Consumer Banking?
Credit Cards: Consumer banking facilitate this service wherein one can buy tomorrow and pay later. Payment is compulsory within a given time to avoid any penalties. Penalties are charged depending upon the card’s Annual Percentage Rate (APR).
Deposits: Consumers can deposit their valuables like gold and money in bank accounts to avoid any risks of keeping them at home.
Banking: Bank accounts including, money market accounts, savings accounts, checking accounts, etc., can be maintained here.
Loans: Loans include personal loans, home loans, and auto loans. A minimal rate of interest and more accessibility to individuals is the key.
Consumer banking is accessible to individuals to avail of easy bank facilities. Accessibility to bank accounts, manageable loans, and banking facilities ensures more security to the consumers and convenient personal financial management.
Zhu, Faye X., Walter Wymer, and Injazz Chen. “IT‐based services and service quality in consumer banking.” International journal of service industry management (2002).
Zhu, F. X., Wymer, W., & Chen, I. (2002). IT‐based services and service quality in consumer banking. International journal of service industry management.