Retail banking refers to the services provided by banks to individual consumers rather than businesses. These services typically include checking and savings accounts, personal loans, mortgages, and credit cards. Retail banks aim to meet the everyday financial needs of customers, making banking accessible and convenient. In retail banking, customers can manage their finances through various channels, such as physical branches, ATMs, and online banking platforms. This sector plays a crucial role in the economy by facilitating personal savings and providing credit, which helps individuals achieve their financial goals and make significant purchases, like homes or cars.