Retail banking offers financial services to consumers instead of businesses or enterprises. Also referred to as personal or consumer banking, retail banking is designed to meet the everyday financial needs of individuals. It’s how people deposit money securely and privately, manage their finances, and access credit—online or in person.
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Here’s a snapshot of what retail banks provide:
The only predictable thing about consumer trends is unpredictability. Consumer preferences in regard to finance will constantly shift, and expectations will only get higher. The share of unbanked households, or households without an account at an insured institution, steadily declined from 8.2% in 2011 to 5.4% in 2019. Meanwhile, McKinsey & Company reports that retail banks should focus on three consumer areas to improve customer experience:
Stay on top of trends and shifts and continue to optimize a great banking experience by staying connected to customers and their changing needs.