Retail banking, also known as consumer banking, is a type of banking that provides financial services to individual consumers rather than to large businesses or corporations. Unlike corporate banking, which is primarily used for business purposes, retail banking brings together a range of products and services to its individual customers including savings and current accounts, loans, mortgages, debit and credit cards, and certificates of deposit (CDs).

The role of retail banking is to bring a range of financial services to the general public in the most convenient way possible, be it through physical branches or through digital services. This includes providing easy access to funds via a variety of banking products, as well as fast, secure, and convenient payment options such as debit and credit cards, money transfers, and mobile payments.

Local community banks are well-known examples of retail banking, but many larger commercial banks also have divisions that offer retail banking services. In the digital age, many fintech companies have also used the internet and mobile technology to provide consumers access to all the same services provided by retail banks.

Retail banking is important for a number of reasons. Most notably, it provides a convenient way for customers to save and manage their money, access funds, and make payments. The services offered by retail banks can be used for a range of purposes, from day-to-day spending to long-term investments. By providing a range of financial services tailored to the needs of individual customers, retail banks are an important part of the personal finance ecosystem.

Retail banking is also increasingly important in the digital age, where fintech companies are rising up to provide similar services to traditional banks. In order to stay competitive, retail banks must prioritize convenience, security, and customer service, while continuing to innovate and develop new products and services that meet the needs and expectations of the modern consumer.