What are the kinds of banking services?

There are different kinds of services which are offered by banks – this includes the services offered to individuals as well as the services offered to businesses. It encompasses the services to customers that walk in to physical banks as well as those that use online banking.

  1. Individual banking is offered to individuals to help them with their finances. These services include savings accounts, insurance, checking accounts, credit and debit cards as well as wealth management services.
  2. Business banking are those services which are offered to business owners who need to have their personal and professional finances separated. There are various kinds of banking services offered to businesses. These are for offering loans for the business, checking accounts, credit as well as debit cards, cheque collection services, reporting as well as reconciliation, credit card processing services as well as cash management including but not limited to deposit services and payroll.
  3. Digital banking services are those that allow the person to manage their finances from their tablet, computer or smartphone. These services include mobile cheque deposits, mobile, online as well as tablet banking. There are text alerts sent as well as paying of bills online and e-statements which are offered to their account holders as well.
  4. Loans are the most common of all banking services which are offered. These loans are in different sizes and shapes. These loans include loans called personal loans – for meeting with contingencies of various kinds, there are home loans which are given to buy a home or to renovate and repair their home. There are business loans given to people who are either starting a business or need extra finances to expand their business or bail the business out when there are unforeseen problems which arise during the running of the business.


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