Banks are common everywhere, but the same cannot be said about specific types of establishments. As Robert Jain can tell you, banks come in different forms, so it's easy to imagine that they offer unique services compared to one another. What do these entail, you may wonder? For those who are curious to learn about this unique finance topic, here are a few of the types in question that you might want to know about.
Retail - This is, without question, the most common type of bank and the one you'll probably do the most business with throughout your life. According to Robert Jain, retail banks help people on individual levels, allowing them to maintain and build their checking and savings accounts alike. Even though this is a general definition of what a retail bank has to offer, it's the one that you're likely to entrust your money with the most.
Online - Online banks are exactly what you'd expect them to be. These operate entirely on the Internet, meaning that you cannot go to a physical branch or speak to a teller face to face. Nonetheless, some people tend to prefer online banking due to the immediacy, which is furthered by the possible utilization of mobile devices, apps and all. Seeing as how many people use the Internet for banking purposes now, this is yet another category that companies like Robert Jain Credit Suisse can draw attention to.
Commercial - Even though retail banks can help individuals, this doesn't mean that they have all the capabilities to assist businesses. This is where commercial banks can come into play, since they can go above and beyond to help companies of varying scopes. They can provide lines of credit, as well as manage payments made by customers. Examples such as these illustrate just how important commercial banking is for businesses, regardless of what they specialize in.
If you were curious to know about specific types of banks, these are among the most common. As you can see, they are designed to fit certain needs, not to mention various points of accessibility. It doesn't matter if they are more focused on the Internet, or if they're used to appeal to businesses more so than individuals. Whatever the case may be, understanding banking in the broadest sense will be able to help you in the long run.
Retail - This is, without question, the most common type of bank and the one you'll probably do the most business with throughout your life. According to Robert Jain, retail banks help people on individual levels, allowing them to maintain and build their checking and savings accounts alike. Even though this is a general definition of what a retail bank has to offer, it's the one that you're likely to entrust your money with the most.
Online - Online banks are exactly what you'd expect them to be. These operate entirely on the Internet, meaning that you cannot go to a physical branch or speak to a teller face to face. Nonetheless, some people tend to prefer online banking due to the immediacy, which is furthered by the possible utilization of mobile devices, apps and all. Seeing as how many people use the Internet for banking purposes now, this is yet another category that companies like Robert Jain Credit Suisse can draw attention to.
Commercial - Even though retail banks can help individuals, this doesn't mean that they have all the capabilities to assist businesses. This is where commercial banks can come into play, since they can go above and beyond to help companies of varying scopes. They can provide lines of credit, as well as manage payments made by customers. Examples such as these illustrate just how important commercial banking is for businesses, regardless of what they specialize in.
If you were curious to know about specific types of banks, these are among the most common. As you can see, they are designed to fit certain needs, not to mention various points of accessibility. It doesn't matter if they are more focused on the Internet, or if they're used to appeal to businesses more so than individuals. Whatever the case may be, understanding banking in the broadest sense will be able to help you in the long run.
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