Retail banking offers various products like savings and checking accounts, loans, credit/debit cards etc. through multiple channels. It is characterized by multiple products, distribution channels, and customer groups. HSBC introduced the first ATM in India in 1987. Technological advances and changing demographics are influencing the sector.

1. “ Retail banking is typical mass-market banking where individual customers use local branches of larger commercial banks. Services offered include: savings and checking accounts, mortgage loans, personal loans, debit cards, credit cards etc.”

54. The strategy of pushing new products to current customers based on their past purchase. Cross-selling is designed to widen the customer reliance on the bank and decrease the likelihood of the customer switching to a competitor.