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RETAIL BANKING: SERVING THE FINANCIAL NEEDS OF CONSUMERS
Retail banking is a vital business in today's financial services world. Until recently, institutions with a retail banking function- commercial banks, savings institutions, savings banks and credit unions differed markedly in function and primarily served different customers. Today, these differences are less defined, and the similarities more evident. One distinct similarity is an increased emphasis on the consumer. Serving consumers and their needs of growing emphasis in virtually all businesses today-has become increasingly more important to many financial institutions.
When it comes to personal finances, people have many needs, and consumer-oriented retail banks are eager to serve these growing and diverse financial needs. However, this is a challenging task. Today's consumers demand high quality products and services. And, they demand a knowledgeable and efficient staff to provide information about products and services that fulfill specific needs.
This text has been written to help you acquire the knowledge you need to have a successful career in retail banking. The text provides a foundation for learning what retail banking is all about and how you fit in as an important member of this business. You will learn about the financial needs people have and how retail banks serve those needs with products and services. You will also learn how these institutions originated, how they operate as profitable businesses and how they are regulated. As you read, you will realize that this is an essential business-one where you can play a significant role in helping people achieve their financial goals.
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