Retail banking in other word consumer banking is a most happening division of a bank. It is consumer-based business where individual banking needs are being addressed. This can be a complete banking package including deposit, lending, cards, internet banking, lockers and other personalised services. Retail banking has grown double digit during the last few years. While corporate banking is shrinking day by day, it now covers small business.
The enterprise which is small today will be become medium and corporate in course of time. They need support and patronage. The young entrepreneurs are creative. They have excellent idea. Idea financing should be a way of patronage. Not all idea will be successful but a few will be. Otherwise Microsoft, Apple, Facebook etc. would not be created.
Consumers are the ultimate user of any product and service produced by small and medium enterprise or corporate. Their activities are people-centric and there is the opportunity for retail banking. As per Boston Consulting Group, Bangladesh has reinforced as the fast growing middle and affluent class and rising consumerism. That means a number of consumers are adding every year. Bangladesh institute of Development studies revealed that middle class population will be 33 percent by 2030. Their tastes and way of living will call for customised products and services. They want to enjoy their life. The average age of people here is twenty five point eight years. Their need will increase many fold.
Society will shift from basic society to a consumption-centric society like that in developed countries. People are always concerned about improvement of their standard of living. So, financial institutions of Bangladesh, specially banking sectors, are trying to expand their service network to reach those customers. The banking sector is playing a tremendous role through retail banking in community development.
Retail banking has taken the foremost funding responsibility as well as commitment to give fast forward service to the community through increasing branches, alternative delivery channels, and premier banking services. Credit and advances complement the effort. The service providers must prepare themselves to catch up with the ever growing market. Many banks and financial institutions are operating in our country with bundles of different lucrative products and services. A retail banker often works in a branch, meeting customers face to face. He needs to spend a lot of time on the phone or in meeting. S/he is an ambassador of the bank, representing the bank to the wider community and building relevant contacts. Bankers like him are expected to increase the sale of financial products and services, attract new customers. Service is what makes a difference. The banks and financial institutes capable of providing seamless services to customer will lead market to make business sustainable.