Retail banking provides financial services to individual consumers rather than large institutions.
Services offered include savings and checking accounts, mortgages, personal loans, debit or credit cards, and certificates of deposit (CD).
Retail banks can be local banks or divisions of large commercial banks.
In the digital age, many fintech companies can provide the same services as retail banks through internet platforms and smartphone apps.
While retail banking services are provided to individuals in general, corporate banking services are provided only to small or large companies and legal entities.