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HOW TO DIFFERENTIATE BETWEEN COMMERCIAL BANKING AND RETAIL BANKING

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HOW TO DIFFERENTIATE BETWEEN COMMERCIAL BANKING AND RETAIL BANKING

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  1. HOW TO DIFFERENTIATE BETWEEN COMMERCIAL BANKING AND RETAIL BANKING?

  2.    The financial sector is one of the most significant aspects of a country's economy. The slightest disruption in the banking system can affect the economy adversely. Every economic activity, for instance, trade, is associated with the banking sector.     The Central Bank of UAE regulates and controls the activities of other banks in the nation. Banks offer various services and benefits to the people besides making financial transactions easy, safe, and effortless. For example, there are several types of cards available to cater to the needs of various customers. 

  3. Credit cards are an important aspect of the same. The credit card requirements in Dubaiare different for various types of credit cards. Application form, ID proof, Residential proof, and proof of income are some of the main credit card requirements in Dubai. When choosing the right bank, knowing the functionality of each is essential. There are differences between commercial and retail banking people are unaware of. Here are some of the differences between them. 

  4. Commercial Banks are financial institutions that earn by the interests they take from their clients. They offer loans, services, and other products.Retail banks provide their services, benefits, and products to the general public. It also involves mass-market personal customers.   Some of the products and services offered by commercial banks are loans, trade finance, treasury and cash management services, employer services, etc. On the other hand, the products and services offered by retail banks are current accounts, credit cards, mortgages. 

  5. Understanding the difference between commercial and retail banking gives you an idea of which bank is right for you and will meet your requirements. In this way, picking the right bank for yourself will give you a better experience in managing your finances.

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