A retail bank refers to a bank that deals directly with individual customers, providing them with basic banking services like checking and savings bank accounts, mortgages, personal loans, debit cards, credit cards and safe deposit boxes. Retail banks usually have a head office, coupled with a large number of branches in different locations to target a wide spectrum of customers. In addition to providing services to retail customers, these banks often serve commercial businesses, as well.
A retail bank acts as a comprehensive financial service provider for retail clients, allowing them to purchase multiple financial instruments, under one roof. Retail customers can approach the bank for a variety of services like opening a savings account, taking a loan, applying for a credit card and may also enquire about potential banking products that they may need at a future date, which the bank can offer. Some retail banks also foray into other services such as wealth management, private banking, retirement and brokerage accounts, which are often linked to core retail banking accounts for transactional ease.