Define: Retail Banking

UK Accounting Glossary

Definition: Retail Banking



Advertisement



Full Definition of Retail Banking


Retail banking is a banking service that is geared primarily toward individual consumers. Retail banking is usually made available by commercial banks, as well as smaller community banks. Unlike wholesale banking, retail banking focuses strictly on consumer markets. Retail banking entities provide a wide range of personal banking services, including offering savings and checking accounts, bill paying services, as well as debit and credit cards. Through retail banking, consumers may also obtain mortgages and personal loans. Although retail banking is, for the most part, mass-market driven, many retail banking products may also extend to small and medium-sized businesses. Today much of retail banking is streamlined electronically via Automated Teller Machines (ATMs) or through virtual retail banking known as online banking.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/retail-banking/
Modern Language Association (MLA):
Retail Banking. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 29, 2020 https://payrollheaven.com/define/retail-banking/.
Chicago Manual of Style (CMS):
Retail Banking. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/retail-banking/ (accessed: March 29, 2020).
American Psychological Association (APA):
Retail Banking. PayrollHeaven.com. Retrieved March 29, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/retail-banking/

Definition Sources


Definitions for Retail Banking are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 6th February 2020.