how does retail banking work 
many financial services companies aim to be the one stop shop retail banking destination to their individual consumers consumers expect a range of basic services from retail banks such as checking accounts savings accounts personal loans lines of credit mortgages debit cards credit cards and cds 1most consumers use local branch banking services which provide onsite customer service for all of a retail customer s banking needs through local branch locations financial representatives provide customer service and financial advice financial representatives are also the lead contact for underwriting applications related to credit approved products though a consumer may not use all these retail banking services the primary service is a checking and savings account to deposit money this is a common secure way for individuals to store their cash furthermore it allows them the ability to earn interest on their money most savings accounts offer rates based on the fed funds rate checking and savings accounts also come with a debit card to allow for ease of withdrawal of funds and payment for goods and services retail banks are also an important source of credit for individuals they offer consumers credit to purchase big ticket items such as homes and cars this extension of credit can take the form of mortgages auto loans or credit cards and is an important facet of the economy as it provides liquidity to ordinary consumers which helps the economy grow 1one of the biggest trends in retail banking today is the shift to mobile and online banking specifically banks are adding more tools and features such as the ability to put temporary holds on cards view recurring charges or scan a fingerprint to log into an account to retain their existing customers and attract new ones 