Which of the following best describes 'consumer banking'?

Which of the following best describes 'consumer banking'?

• A. Banking services offered to businesses only
• B. Banking services provided exclusively online
• C. Banking services available to individuals
• D. Banking services aimed at government entities

Answer: (C)

Consumer banking, also known as retail banking, refers specifically to the banking services that are available to individual customers. This includes a wide range of services such as checking and savings accounts, mortgages, personal loans, credit cards, and other financial products aimed at meeting the needs of individual consumers. By focusing on individuals, consumer banking plays a crucial role in personal finance management, allowing clients to handle their everyday banking needs, save for future goals, and obtain credit. The other options do not accurately represent consumer banking. While some banking services may be offered to businesses or government entities, they fall into categories such as commercial banking and public sector banking respectively, which do not cater to individuals. Additionally, while many consumer banking services can be accessed online, the definition of consumer banking itself is not limited to online services, as it encompasses traditional brick-and-mortar bank branches as well.

Consumer banking, also known as retail banking, refers specifically to the banking services that are available to individual customers. This includes a wide range of services such as checking and savings accounts, mortgages, personal loans, credit cards, and other financial products aimed at meeting the needs of individual consumers. By focusing on individuals, consumer banking plays a crucial role in personal finance management, allowing clients to handle their everyday banking needs, save for future goals, and obtain credit.

The other options do not accurately represent consumer banking. While some banking services may be offered to businesses or government entities, they fall into categories such as commercial banking and public sector banking respectively, which do not cater to individuals. Additionally, while many consumer banking services can be accessed online, the definition of consumer banking itself is not limited to online services, as it encompasses traditional brick-and-mortar bank branches as well.