Business Analysis : Retail Banking Essay

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

The banking industry has over the years evolved from simple to large and complex organization. They have grown from one street building into having multiple branches some of which are international. Their clients range from individual and institutions to governments and other banks. Banks do not manufacture physical things. Their work is simply services for money (Koch & MacDonald 2010). Such services include storing, lending and managing money. All people and institutions, as well as governments, need money to operate accordingly.

Banks are institutions in which people put their money for safekeeping, to save, to use to pay their bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for the bank's’ owners. Different types of banks offer different types of services. For example, commercial banks originally just served businesses, and savings banks and credit unions were used by individuals, especially those who couldn’t qualify for loans at regular banks. This is no longer the case. Although commercial banks and thrift institutions used to serve different purposes, today they all offer many of the same types of services including bank accounts, loans, credit, certificates of deposits (CDs), and much more.

The retail industry is a sector of the economy that is comprised of individuals and companies

Lending institutions have been around since the late 1700’s. Banks are establishments that are authorized by the government to accept deposits, pay interest on deposits, clear checks, make loans, act as an intermediary in financial transactions and provide other financial services to customers.

Retail Card: This is a card that you have applied for in a retail store. Be careful with these, as they are very appealing when the store offers you a discount if you apply for or use their card. There is almost always such a high interest rate that you end up spending MORE then you would have without the 10% off for being a card holder. These balances need to

Retailing is one of the largest industries in the United States and accounts for approximately 10 percent of the gross national product. A retailer is someone who purchases items from a supplier or wholesaler for re-sale at a profit. The retailer earns his or her living by making a profit on the re-sale. Retailers purchase a product, mark up its cost, and advertise it for sale. The mark-up process is the key to the retailers business because if the product is marked up too high, consumers will not buy it. If it is marked too low then the retailer will have lost profits and the supply may be quickly exhausted. Another key to the retail business is knowing what the customer needs or wants and when, how much the customer is willing to pay for the product, what the competition is charging, and where to find the product at the best possible cost to make a profit.

Retailing is the selling of goods directly to the consumers; this can be achieved in many locations or formats. It is the last stage of the supply chain.

The bank sells service in the industrial, commercial and real estates. It also offer services in the retail banking and manage treasury for its clients. The services offered by the bank are a commodity because the clients sort these services to satisfy a need that they have.

Community banking operates one of the most extensive banking franchises in the United States. Wells Fargo through it Retail Banking locations, offer its customers access to the full array of financial services, including banking, insurance, investments, mortgage, and consumer finance. Among the products and services offered by its Retail Banking locations.

Retail Brokerage - Securities advisory, brokerage and other financial services provided to retail and small business customers throughout the United States.

in the rural and semi-urban sector, which used to be the bastion of the State Bank

Thus, each bank needs to differentiate their product offers to customer, strengthen their portfolio, and improve services, etc depending on its strategies.

Retail is when business sells products and provide service to the customer to make a profit. An example of a retail business is TESCO. There are many different types of retail sectors in UK which have different organisation and structures. In order for business to operate they will need to find the appropriate location, products they will sell to customer in order to gain profit for the business.

Sector: Retailing as a sector includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the small orders of a large number of individuals.