What does consumer banking refer to?

Consumer banking specifically refers to the range of financial services that are tailored for individual customers rather than businesses or corporations. This includes services such as checking and savings accounts, personal loans, credit cards, mortgages, and other day-to-day banking needs.

By focusing on individual consumers, the banking institutions aim to meet the financial needs and personal goals of the general public, allowing them to manage their finances effectively. This area of banking is crucial for facilitating personal financial management, improving savings, and enabling individuals to obtain credit when needed.

In contrast, corporate banking focuses on services for businesses, investment banking deals with high-net-worth clients and financial markets, and global banking operations pertain to international transactions and services. Hence, focusing on individual consumers is what distinctly characterizes consumer banking, making this choice accurate and reflective of the definition of the term.