What is the difference between retail bank and corporate bank?
Retail banking is a bank's services that deal directly with consumers, while corporate banking is the part of the banking industry that serves business or corporate customers.
Regular retail banks provide financial services to individuals but are not equipped to service businesses. Corporate banking provides businesses financial services like account holding, loans, capital, vendor management, and more.
The key difference between retail and commercial banking is who the products are designed for. While retail banks service individuals, communities, small businesses, and families, commercial banks focus on larger companies, government entities, and institutions.
Here are some similarities between corporate and retail banking: Access to banking: Both corporate, and retail banks offer bank accounts and services to customers. They provide online, and mobile banking making it easy for customers and clients to access and manage their finances from anywhere, at any time.
As noted earlier, the principal difference between business/commercial banking and corporate banking is the size and complexity of the borrowing client's operations, as well as the nature of the financial services and products it requires.
U.S. Bank and Bank of America are two examples of retail banks because they provide consumer banking products like checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).
Your decision to take up a banking course after graduation will stand you in good stead after being in retail banking. Corporate banking is a great career choice. Corporate Banking which is an area many career aspirants would love to join surprisingly has very few good certification courses.
- JPMorgan Chase & Co.
- Bank of America Corp.
- Wells Fargo & Co.
- Citigroup Inc.
- U.S. Bancorp.
- Truist Bank.
- PNC Financial Services Group Inc.
- TD Group US Holdings LLC.
| Rank by Asset Size | Bank Name | Number of Branches |
|---|---|---|
| 1. | Chase Bank | 4,700 |
| 2. | Bank of America | 3,900 |
| 3. | Wells Fargo | 4,500 |
| 4. | Citibank | 600 |
Retail banking, also called personal banking or consumer banking, is financial services geared toward individual customers rather than large corporations. Retail banks offer products like savings accounts and debit cards to the general public, and working in retail banking requires high levels of customer service.
What are advantages and disadvantages of retail banking as compared to corporate banking?
The advantages include personalized service and access to advice from professionals to navigate finances more effectively. However, retail banking has some drawbacks, such as higher fees. Retail banks offer different types of accounts, including checking, savings, and credit cards.
A retail bank primarily serves individual consumers. Therefore, a couple seeking a mortgage loan to buy a house is the best example of a problem addressed by a retail bank from the given options.
Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
The business model of corporate banking is based on a close and strategic relationship with clients, providing them with global solutions adapted to their requirements, taking into account the particularities of their sector of economic activity as well as the markets in which it operates.
Private Banking. The big difference between corporate banking and private banking is the client base. While corporate banking provides credit products for corporates, financials, and governments, private banking deals with high net worth (HNW) and ultra high net worth (UHNW) individuals and families.
Its retail banking and credit card offerings are provided via the Chase brand in the U.S. and United Kingdom. With US$3.9 trillion in total assets, JPMorgan Chase is the fifth-largest bank in the world by assets. The firm operates the largest investment bank in the world by revenue.
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate banking).
Wells Fargo & Co (WFC) is a diversified financial service holding company that offers retail and wholesale banking, and wealth management services to individuals, businesses, high-net-worth individuals, and institutions, through its subsidiaries.
Focus on transferrable skills
A background in banking might qualify you for roles outside of the banking industry, so it's helpful to know how to leverage your existing skills. For example, you might consider transitioning to a role in finance to use your math expertise and knowledge of financial regulations.
Many professionals end up staying in corporate banking for the long term because it offers a nice work/life balance, reasonable advancement opportunities, and high pay at the mid-to-top levels.
Is working in retail banking good?
Retail bankers can generally expect to earn solid salaries and receive good benefits. With entry- and mid-level positions, salaries are sometimes lower than other banking positions, such as business banking and private wealth management.
1. JPMorgan Chase. JPMorgan Chase, or Chase Bank, is the biggest bank in America with nearly $3.4 trillion in assets. It boasts a vast network of over 4,800 physical branches and more than 15,000 ATMs.
Two out of every three new Bank of America consumer clients begin their banking experience in Retail Banking. We strive to be the world's best digital bank, backed by a network of thousands of financial centers across the country.
Chase, the largest bank for consumers and small businesses, is part of JPMorgan Chase & Co. Chase has the largest branch network out of all the biggest banks, with locations in the most states. ATMs: More than 15,000. Branches: More than 4,700 in 49 states and Washington, D.C.; no branches in Alaska.
| Rank | Bank | Headquarters |
|---|---|---|
| 1 | JPMorgan Chase | New York, USA |
| 2 | Bank Of America | North Carolina, USA |
| 3 | ICBC Limited | Beijing, China |
| 4 | Wells Fargo | California, USA |
