1. Deposit services: Customers can deposit money into savings and checking accounts offered by banks. Customers have access to their money at any time and these accounts pay interest.
2. Credit services: Banks provide lines of credit, personal loans, and credit cards as forms of credit to their consumers. Customers can use these services to borrow money to pay for goods and services.
3. Investment services: Banks provide customers who want to invest their money with investment services such as mutual funds, stocks, and bonds. Customers who use investing services can profit from their money.
4. Insurance services: Banks provide their clients with insurance services like life, health, and property insurance. These programs offer customers financial security against unforeseen circumstances.
Commercial banks, investment banks, and central banks are the three different categories of banks. Commercial banks are financial establishments that take customer deposits and lend money to both people and businesses. Services offered by investment banks include trading securities, advising on mergers and acquisitions, and underwriting securities. Government-owned financial organizations known as central banks are in charge of overseeing the nation’s monetary policy.
M-banking, often known as mobile banking, is the practice of conducting financial transactions via a mobile device. Customers can access banking services via their mobile phones, tablets, or other mobile devices thanks to m-banking. Customers can use their mobile devices to carry out financial activities such as money transfers, bill payments, account balance checks, and other similar tasks. Customers now have easier access to financial services thanks to mobile banking, particularly those who live in distant locations or have restricted access to traditional banking services.
In conclusion, mortgage lenders, sometimes referred to as loan givers or creditors, provide a range of loan packages to both individuals and corporations so that they can buy real estate. Customers can receive a variety of services from banks, such as deposit, credit, investment, insurance, and wealth management services. Commercial banks, investment banks, and central banks are the three different categories of banks. M-banking, often known as mobile banking, enables users to access financial services using mobile gadgets.