Expanded Services in Retail Banking
Banks are adding new products to their lines so they can offer their store customers a wider range of services. Banks now offer more than just basic checking accounts and customer service from local branch employees. They also have teams of financial advisors who offer a wider range of products and services, such as wealth management, brokerage accounts, private banking, and planning for retirement. In the 21st century, the move towards online banking has also greatly increased the options available to people who use retail banking. Customers can now get services from a number of banks through the internet and mobile apps. This means that customers don’t have to go to a local store as often to do business. Along with traditional banks that offer online services, a lot of new fintech companies have sprung up and offer the same services more easily and often at lower prices because they don’t have to pay for the costs of having traditional bank offices. N26, Monzo, and Chime are all examples of these types of banks.