There are different kinds of customers, who need different kind of banking support. No wonder, they are treated differently. Personal, private and corporate banking are a major subset of banking services that offer different features and benefits. So, a strategic banking service understands their needs to offer the required financial services accordingly.
There are large numbers of people, who need basic yet efficient banking support. This personal banking service is also known as retail banking. The services offered include basic saving accounts, fixed deposits, recurring deposits, credit and debit cards and mortgages. Individuals may need loans for purchasing a home, plot, car, etc. Personal banking includes major mass scale banking services, which have expanded in recent years to include net-banking, phone-banking, SMS-banking, bill payments, mobile banking, etc.
Private banking is a type of banking service, where specific and customized banking, finance and investment products and services are created for people, who invest large amount of funds. Public and private sector banks hire wealth management experts to cater to the needs of these high net worth individuals. Due to the extensive amount of investment, they receive exclusive investment advice, unique access to conventional and alternative investment options. The primary objective of private banking is to ensure growing the assets, provide required and specialized finance solutions, maintain the needed liquidity, etc.
Corporate banking is a different ball game altogether with thousands and thousands of daily transactions and customized requirements such as custom-made banking solutions. Corporate banking is the branch of a bank that caters to major corporations only. From needed project finance, banking advisory services or business loans to insurance solutions for all employees, a bank must cater to all requirements, which would alter substantially over time. For example: Today your client is discussing merger with another corporation, so the company needs a financial advisory for that. Later on, client may need a taxation advice, strategy to protect assets, corporate brokerage services, etc.
Major nationalized and private sector banks offer these services to the required people. However, the quality of the service varies with every bank. Some banks emphasize on the personal touch while others offer technological expertise. Some banks provide 24X7 assistance while others offer great financial support through unique products. Though, most companies and individuals may want it all, you should opt for the bank that specializes in products that serves your needs best.