Holding at least one bank account for saving, carrying out transactions and multiply for extra earning is required for any citizen living in any part of the world. The choice of additional products in association with the operating bank account is highly an individual choice. To broadly categorize the financial products, there are several underlying criteria, and if we consider the type of customers attended to with the products, products can be personal and corporate banking services.
Personal banking productsfor individuals
The most widely sought services include:
Credit and debit cards: Paper money has now been almost replaced by virtual card payments. A debit card is a must to find a permanent place in the wallet of every person for using the purchasing power of the money already earned and credit card increases your purchasing power by offering bank money at an accrued interest. Shopping card has also entered the list here.
Deposits: The most common form of saving money with an increase in value with time is a deposit, and individuals see this here as one of the most secure ways of building on current earning. Deposits are of different schemes and return rates.
Online and mobile banking: The brick and mortar banking center also work now with online and through registered facilities. The bank account of the individual has itself taken the form of a mobile application or internet banking account, operated from any location.
Financing: Loans and funding are the major sources of income for the banks, but are the most useful banking products that give life to a person’s dreams.
Insurance: Be it medical insurances, lifetime insurances, vehicle or property insurances, insurance policies form a dedicated working wing of any bank.
Corporate banking for business
Here it is a tale of higher orders of money, making and growing the worth of businesses. The services for them are mostly considered as premium or as priority customers, with histories of many business enterprises leading to the growth of banking chains itself.
Financing: The wide horizon covers business loans, third-party funding, equity bonds, securities, and even venture capital funding.
Account maintenance: It may be wealth maintenance of the company or running a profitable business or the salary accounts of entire employees of Netflix Revolution startup or any other company of any scale.
Merchant accounts: The lifeline of any business operation is a reliable and secure merchant account that handles all transactions and payments.
Insurance: Risk management is an important service for which businesses give high regard to the banks, as it is inevitable for preserving the viability of the company.