what is retail banking

Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations, or other banks, which are often described as wholesale banking. Retail banking provides financial services to individual consumers rather than large institutions. Retail banking is intended to help consumers manage their money by giving them access to basic banking services, a source of credit, and financial advice. Retail banks offer products and services to individuals, families, and small businesses instead of corporations, government organizations, or other banks. Some typical banking services offered by retail banks include transactional accounts, savings accounts, debit cards, ATM cards, credit cards, mortgages, personal loans, and certificates of deposit (CDs) . Retail banking is distinguished from investment banking or commercial banking.