Customers are a crucial component of the banking industry. Banks provide various products and services to customers to meet their financial needs. The customers of a bank can be broadly classified into two categories: individual customers and corporate customers.
Individual customers: These are customers who open personal accounts with the bank for their own use. Individual customers can be further divided into:
Retail customers: These are customers who use banking services for their personal needs, such as savings accounts, checking accounts, loans, credit cards, and mortgages.
High-net-worth individuals (HNWIs): These are customers who have a high net worth and require more specialized banking services, such as investment advice, private banking services, and estate planning.
Corporate customers: These are customers who open accounts with the bank for their business needs. Corporate customers can be further divided into:
Small and medium-sized enterprises (SMEs): These are businesses that have a smaller size and lower turnover compared to larger corporations. They require basic banking services such as current accounts, credit facilities, and overdrafts.
Large corporations: These are companies with higher turnovers, more complex operations, and require more specialized banking services such as treasury services, foreign exchange services, and trade finance.
Banks have a wide range of products and services to offer their customers, such as loans, credit cards, savings accounts, checking accounts, investment services, and insurance. To attract and retain customers, banks focus on providing excellent customer service, competitive interest rates, and innovative products and services.
