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 - When it comes to the different types of banks available, retail is perhaps the most common. For those who do not know - and Robert Jain can expand on this - retail banks are focused on helping consumers on individuals levels. They offer checking and saving accounts alike, which can be used for standard and long-term investing respectively. If you have either of these accounts, chances are that you work with a retail bank.
Online - The main selling point of online banks is in the name. For those who do not know, these locations operate entirely on the Internet, meaning that there are no physical locations to speak of. Nonetheless, some people prefer these due to how immediate they are, whether it's in terms of deposits, withdrawals, or other functions entirely. This category matters, and companies such as Robert Jain Credit Suisse can agree.
Commercial - While retail banks tend to focus on individuals, commercial banks are more focused on business purposes. The services that the commercial variety offers will be quite different, too. For example, if a company has to take care of payroll, they might go through a commercial bank in order to do so. This is just one example, but it speaks volumes about the importance of banking, regardless of how big a certain brand is.
When it comes to different types of banks, these are perhaps the most common that can be seen. However, they are far from the only ones, seeing as how they'll be able to fit a number of unique requirements. Some of them might focus specifically on online features, while others might appeal to certain groups entirely. What you should know, more than anything else, is that banking might be more diverse than you would have ever imagined.
Retail - When it comes to the different types of banks available, retail is perhaps the most common. For those who do not know - and Robert Jain can expand on this - retail banks are focused on helping consumers on individuals levels. They offer checking and saving accounts alike, which can be used for standard and long-term investing respectively. If you have either of these accounts, chances are that you work with a retail bank.
Online - The main selling point of online banks is in the name. For those who do not know, these locations operate entirely on the Internet, meaning that there are no physical locations to speak of. Nonetheless, some people prefer these due to how immediate they are, whether it's in terms of deposits, withdrawals, or other functions entirely. This category matters, and companies such as Robert Jain Credit Suisse can agree.
Commercial - While retail banks tend to focus on individuals, commercial banks are more focused on business purposes. The services that the commercial variety offers will be quite different, too. For example, if a company has to take care of payroll, they might go through a commercial bank in order to do so. This is just one example, but it speaks volumes about the importance of banking, regardless of how big a certain brand is.
When it comes to different types of banks, these are perhaps the most common that can be seen. However, they are far from the only ones, seeing as how they'll be able to fit a number of unique requirements. Some of them might focus specifically on online features, while others might appeal to certain groups entirely. What you should know, more than anything else, is that banking might be more diverse than you would have ever imagined.
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