What are the different types of banks?
The global financial ecosystem comprises several specialized types of banks that cater to distinct consumer, corporate, and governmental needs. Retail banks focus on everyday consumers, offering basic checking and savings accounts, personal loans, mortgages, and credit cards through physical branches and digital apps. Commercial banks primarily serve businesses, providing commercial loans, cash management services, trade financing, and payroll processing. Investment banks facilitate complex capital market activities, advising corporations on mergers, acquisitions, initial public offerings, and underwriting securities. Central banks—such as the US Federal Reserve—regulate national monetary policy, control currency issuance, and manage interest rates. Other specialized institutions include credit unions, cooperative banks, savings and loan associations, and digital-only neo-banks.
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