Answer to Question #316591 in Management for priya

Question

Retail Banking is an important arm of banking for building and growing its assets side. What does this mean and what are Banks doing towards growing its assets side? Name any 4 asset side products that Banks provide and explain their characteristics in terms of product nature, its classification & cost benefits for Banks.

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Answer 1

Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to individual consumers rather than businesses. Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner. Banks are increasing access to individuals loans which do not need collateral, provision of better deposit requirement in terms returns from deposits.

The asset side products for retail banking are;

Savings Account. An account that delights you with rewards, security and ease of banking.

Family Wealth Account. Share a wealth of privileges and tailor-made solutions with your family.

Home Loans- for people who need to own homes through financing.

Car Loans - for people who need to own cars through financing

Foreign Exchange Services.