Retail banking, additionally called personal or shopper banking, refers to the mass-market banking activities that serve the final public. Common retail banking services embody checking and savings accounts, debit and credit cards, mortgages and loans, and certificates of deposit.
Within the retail banking system, there area unit specialised subdivisions of banks that exist either to supply a smaller a lot of targeted set of product or to serve a particular client base. Below area unit 3 of the foremost common forms of retail banks.
Consumer banks
Consumer banks area unit banks that area unit primarily targeted on acceptive deposits and creating loans to individual customers.
Cooperative banks
Cooperative banks area unit customer-owned and operated for a typical purpose — typically to produce monetary services to specific teams or economic sections of society like farmers or tiny business house owners. They operate beneath the cooperative principle of democratic decision-making and open membership, however will lend to members or non-members.
Credit Unions
Credit unions area unit member-owned not-for-profit establishments that offer monetary services to their members. as a result of they're cooperative, credit unions look for to push the simplest interests of their members by giving higher savings rates, lower loan rates, and fewer fees instead of earning profits.