The Categories Of Banks, From Robert Jain
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 - This is, without question, the most common type of bank and the one you'll probably do the most business with throughout your life. According to Robert Jain, retail banks help people on individual levels, allowing them to maintain and build their checking and savings accounts alike. Even though this is a general definition of what a retail bank has to offer, it's the one that you're likely to entrust your money with the most.
Online - Online banks are exactly what you'd expect them to be. These operate entirely on the Internet, meaning that you cannot go to a physical branch or speak to a teller face to face. Nonetheless, some people tend to prefer online banking due to the immediacy, which is furthered by the possible utilization of mobile devices, apps and all. Seeing as how many people use the Internet for banking purposes now, this is yet another category that companies like Robert Jain Credit Suisse can draw attention to.
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 - This is, without question, the most common type of bank and the one you'll probably do the most business with throughout your life. According to Robert Jain, retail banks help people on individual levels, allowing them to maintain and build their checking and savings accounts alike. Even though this is a general definition of what a retail bank has to offer, it's the one that you're likely to entrust your money with the most.
Online - Online banks are exactly what you'd expect them to be. These operate entirely on the Internet, meaning that you cannot go to a physical branch or speak to a teller face to face. Nonetheless, some people tend to prefer online banking due to the immediacy, which is furthered by the possible utilization of mobile devices, apps and all. Seeing as how many people use the Internet for banking purposes now, this is yet another category that companies like Robert Jain Credit Suisse can draw attention to.
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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