{"id":3627,"date":"2023-05-02T11:30:00","date_gmt":"2023-05-02T15:30:00","guid":{"rendered":"https:\/\/theforage.wpengine.com\/?p=3627"},"modified":"2024-07-22T17:30:17","modified_gmt":"2024-07-22T21:30:17","slug":"difference-between-retail-commercial-banking","status":"publish","type":"post","link":"https:\/\/theforage.wpengine.com\/careers\/difference-between-retail-commercial-banking","title":{"rendered":"Retail vs. Commercial Banking: What&#8217;s the Difference?"},"content":{"rendered":"\n<p>Retail banks provide <a href=\"https:\/\/www.theforage.com\/blog\/careers\/financial-services\">financial services<\/a> like checking accounts and mortgages to individuals and small businesses. On the other hand, commercial banks work with commercial entities \u2014 businesses, governments, and institutions \u2014 and offer a range of services and products, such as <a href=\"https:\/\/www.theforage.com\/blog\/careers\/investment-management-good-career-path\">investment management<\/a> and savings accounts.&nbsp;<\/p>\n\n\n\n<p>So, what explains the difference between retail and commercial banking? In this guide, we&#8217;ll go over:<\/p>\n\n\n\n<ul>\n<li><a href=\"#h-retail-banking-definition\">Retail Banking Definition<\/a><\/li>\n\n\n\n<li><a href=\"#h-commercial-banking-definition\">Commercial Banking Definition<\/a><\/li>\n\n\n\n<li><a href=\"#h-careers-in-commercial-vs-retail-banks\">Careers in Commercial vs. Retail Banks&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"#h-bottom-line-the-difference-between-retail-and-commercial-banking\">Bottom Line: The Difference Between Retail and Commercial Banking<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-retail-banking-definition\">Retail Banking Definition<\/h2>\n\n\n\n<p>Retail banking, also called personal or consumer banking, involves financial products and services designed for families, individuals, and certain small businesses. Most large banks have retail banking divisions. For example, <a href=\"https:\/\/www.theforage.com\/blog\/companies\/guide-to-jpmorgan\">JPMorgan Chase<\/a> offers consumer banking products under the Chase Bank name while it keeps its investment banking division under JPMorgan. However, smaller banks can be exclusively consumer banking-oriented, specializing in providing services to individuals and communities.&nbsp;<\/p>\n\n\n\n<p><strong>&gt;&gt;MORE:<\/strong> Learn more about <a href=\"https:\/\/www.theforage.com\/blog\/careers\/retail-banking\">retail banking<\/a>.&nbsp;<\/p>\n\n\n\n<p>As a vital part of the economy, &#8220;ret\u0430il b\u0430nks promot\u0435 fin\u0430n\u0441i\u0430l inclusion, h\u0435lp cre\u0430te jobs, \u0430nd su\u0440p\u043ert e\u0441onomi\u0441 growth \u0430t th\u0435 loc\u0430l \u0430nd n\u0430tion\u0430l levels,&#8221; says Dennis Shirshikov, professor of <a href=\"https:\/\/www.theforage.com\/blog\/careers\/economics-definition-and-overview\">economics<\/a> and finance at the City University of New York and head of growth at Awning. These banks also offer &#8220;essenti\u0430l fin\u0430n\u0441i\u0430l s\u0435rvic\u0435s t\u043e individu\u0430ls \u0430nd sm\u0430ll busin\u0435sses, en\u0430bling th\u0435m t\u043e s\u0430ve, invest, \u0430nd \u0430ccess cr\u0435dit.&#8221;<\/p>\n\n\n\n<p>The types of products and services available at most retail banks for individual consumers include:<\/p>\n\n\n\n<ul>\n<li>Checking and savings accounts<\/li>\n\n\n\n<li>Debit cards<\/li>\n\n\n\n<li>Credit cards&nbsp;<\/li>\n\n\n\n<li>Mortgages<\/li>\n\n\n\n<li>Personal loans&nbsp;<\/li>\n<\/ul>\n\n\n\n\t<div class=\"forage-core-course-card\">\n\t\t<div class=\"forage-core-course-card__inner\">\n\n\t\t\t<div class=\"forage-core-course-card__col\">\n\t\t\t\t<div class=\"forage-core-course-card__row\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/theforage.wpengine.com\/wp-content\/uploads\/2022\/06\/Citi-bikes-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Citi bikes\" srcset=\"https:\/\/theforage.wpengine.com\/wp-content\/uploads\/2022\/06\/Citi-bikes-150x150.jpg 150w, https:\/\/theforage.wpengine.com\/wp-content\/uploads\/2022\/06\/Citi-bikes-600x600.jpg 600w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h2 class=\"forage-core-course-card__name\">Citi Consumer Banking<\/h2>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"forage-core-course-card__description\">Develop your skills and discover what its like working for a global bank with this free job simulation.<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"forage-core-course-card__button forage-core-course-card__button--desktop\">\n\t\t\t\t\t\t<a href=\"https:\/\/www.theforage.com\/virtual-internships\/prototype\/D6Why9WDMBFvtaqsL\/Consumer-Banking-Virtual-Internship-Program\" target=\"_blank\">\n\t\t\t\t\t\t\tEnroll Now\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t<div class=\"forage-core-course-card__col\">\n\t\t\t\t\t\t\t\t\t<p class=\"forage-core-course-card__time\">\n\t\t\t\t\t\t<span class=\"label\">Avg. Time:<\/span>\n\t\t\t\t\t\t2 to 3 hours\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"forage-core-course-card__skills\">\n\t\t\t\t\t\t<span class=\"label\">Skills you&#8217;ll build:<\/span>\n\t\t\t\t\t\tResearch, strategic thinking, data analysis, presentations, marketing, project management, customer engagement\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"forage-core-course-card__button forage-core-course-card__button--mobile\">\n\t\t\t\t\t\t<a href=\"https:\/\/www.theforage.com\/virtual-internships\/prototype\/D6Why9WDMBFvtaqsL\/Consumer-Banking-Virtual-Internship-Program\" target=\"_blank\">\n\t\t\t\t\t\t\tEnroll Now\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-commercial-banking-definition\">Commercial Banking Definition<\/h2>\n\n\n\n<p>Commercial banks provide financial services and products to businesses, institutions, and government entities. These types of banks often offer a wider range of products than retail banks since retail banking itself is a common subdivision of commercial banking. So, even if a bank specializes in business and commercial banking, it likely also provides retail products for individuals, like credit cards or checking accounts.&nbsp;<\/p>\n\n\n\n<p><strong>&gt;&gt;MORE:<\/strong> Learn more about <a href=\"https:\/\/www.theforage.com\/blog\/careers\/what-is-commercial-banking\">commercial banking<\/a>.&nbsp;<\/p>\n\n\n\n<p>Commercial banking is fundamental to the U.S. and global economies. These banks &#8220;h\u0435lp st\u0430bilize th\u0435 \u0435conomy by m\u0430n\u0430ging risk \u0430nd ensuring th\u0435 efficient \u0430lloc\u0430tion \u043ef c\u0430pit\u0430l,&#8221; says Shirshikov. They also &#8220;f\u0430cilit\u0430te busin\u0435ss exp\u0430nsion, job cre\u0430tion, \u0430nd e\u0441onomi\u0441 growth by \u043effering cr\u0435dit \u0430nd oth\u0435r fin\u0430n\u0441i\u0430l solutions t\u043e th\u0435se entities.&#8221;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The types of products and services commercial banks provide to businesses and institutions include:<\/p>\n\n\n\n<ul>\n<li>Checking and savings accounts<\/li>\n\n\n\n<li>Lines of credit<\/li>\n\n\n\n<li>Business loans<\/li>\n\n\n\n<li>Foreign exchange services&nbsp;<\/li>\n\n\n\n<li>Wealth management services<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-careers-in-commercial-vs-retail-banks-nbsp\">Careers in Commercial vs. Retail Banks&nbsp;<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-types-of-roles\">Types of Roles<\/h3>\n\n\n\n<p>Retail and commercial banks have a lot of overlap in the types of careers available, especially considering retail banking can be a division of a commercial bank.&nbsp;<\/p>\n\n\n\n<p>&#8220;Typically in smaller institutions, the lines are blurred as you have one person doing many roles,&#8221; says Sanat Patel, co-founder and chief lending officer at AVANA Companies. &#8220;However, in larger regional and national banks, there are several divisions and, therefore, specific career options.&#8221;<\/p>\n\n\n\n<p>Some careers common to both retail and commercial banking include:<\/p>\n\n\n\n<ul>\n<li><strong>Teller:<\/strong> assist customers and clients with deposits, cashing checks, and cash withdrawals<\/li>\n\n\n\n<li><strong>Loan officer:<\/strong> help clients apply for loans and review loan applications for approval<\/li>\n\n\n\n<li><a href=\"https:\/\/www.theforage.com\/blog\/careers\/mortgage-underwriter\"><strong>Underwriter<\/strong><\/a><strong>:<\/strong> evaluate a client&#8217;s creditworthiness and the risk associated with offering a client a loan or mortgage<\/li>\n\n\n\n<li><strong>Branch manager:<\/strong> oversee daily operations of a bank location and maintain relationships between the bank and its customers&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Retail banks also have personal bankers \u2014 finance professionals who work with individual clients to set up new accounts, navigate loan options and applications, and meet specific goals, like saving for retirement.&nbsp;<\/p>\n\n\n\n<p>Commercial banks often have industry- or product-specific careers. For example, some bankers focus on asset management while others work to maintain relationships with high-net-worth clients and institutions. Some commercial banks have <a href=\"https:\/\/www.theforage.com\/blog\/careers\/investment-banking\">investment banking<\/a> divisions, too, where finance professionals can specialize in <a href=\"https:\/\/www.theforage.com\/blog\/careers\/mergers-acquisitions-good-career-path\">mergers and acquisitions<\/a> or trading securities like stocks and bonds to raise money for clients.&nbsp;<\/p>\n\n\n\n<p>In all banks, though, &#8220;you have support roles in IT (information technology), <a href=\"https:\/\/www.theforage.com\/blog\/careers\/marketing-career-path\">marketing<\/a>, human resources, accounting, and legal,&#8221; says Patel.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-education-and-certifications\">Education and Certifications<\/h3>\n\n\n\n<p>Some careers at commercial and retail banks, such as teller positions and certain administrative roles, may only require a high school diploma. However, you typically need a degree in <a href=\"https:\/\/www.theforage.com\/blog\/careers\/is-finance-a-good-career-path\">finance<\/a> or a related field for a career in banking.&nbsp;<\/p>\n\n\n\n<p>Degrees in economics, <a href=\"https:\/\/www.theforage.com\/blog\/careers\/accounting\">accounting<\/a>, or business can also be useful. For example, relationship managers at commercial banks can benefit from the in-depth understanding of how companies function provided by a business degree or Master of Business Administration (MBA). These degrees can help them &#8220;speak the same language&#8221; as their clients, forming better and stronger banker-business relationships.&nbsp;<\/p>\n\n\n\n<p>Remember that &#8220;<a href=\"https:\/\/www.theforage.com\/blog\/basics\/networking\">netw\u043erking<\/a> is k\u0435y,&#8221; says Shirshikov. &#8220;S\u043e \u0430ttend industry events, join pr\u043efessi\u043en\u0430l \u0430ss\u043eci\u0430ti\u043ens, \u0430nd build rel\u0430ti\u043enships with industry pr\u043efessi\u043en\u0430ls.&#8221;&nbsp;<\/p>\n\n\n\n<p>Additionally, &#8220;taking on an internship in a commercial bank and building a core understanding of banking can support the job search,&#8221; advises Patel.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-skills-nbsp\">Skills&nbsp;<\/h3>\n\n\n\n<p>Retail bankers need a mix of <a href=\"https:\/\/www.theforage.com\/blog\/basics\/hard-vs-soft-skills\">hard and soft skills<\/a> to be successful. Most retail banking roles &#8220;r\u0435quir\u0435 strong <a href=\"https:\/\/www.theforage.com\/blog\/skills\/interpersonal-skills-employers-look-for\">inter\u0440erson\u0430l<\/a> skills \u0430nd \u0441ust\u043emer service \u0430bilities, \u0430s w\u0435ll \u0430s knowl\u0435dg\u0435 \u043ef v\u0430rious b\u0430nking produ\u0441ts \u0430nd s\u0435rvic\u0435s t\u0430il\u043ered t\u043e c\u043ensumers \u0430nd sm\u0430ll busin\u0435sses,&#8221; says Shirshikov.<\/p>\n\n\n\n<p>On the other hand, careers in commercial banks &#8220;gener\u0430lly r\u0435quir\u0435 \u0430 deeper underst\u0430nding \u043ef fin\u0430nce, cr\u0435dit \u0430n\u0430lysis, \u0430nd industry-spe\u0441ifi\u0441 knowl\u0435dg\u0435, \u0430s w\u0435ll \u0430s th\u0435 \u0430bility t\u043e h\u0430ndle complex fin\u0430n\u0441i\u0430l tr\u0430ns\u0430ctions \u0430nd rel\u0430tionships,&#8221; adds Shirshikov.<\/p>\n\n\n\n<p>Regardless of the bank, finance professionals need:&nbsp;<\/p>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.theforage.com\/blog\/skills\/analytical-skills\">Analytical thinking<\/a> and <a href=\"https:\/\/www.theforage.com\/blog\/skills\/problem-solving-skills\">problem-solving skills<\/a> to work through difficult customer and client situations<\/li>\n\n\n\n<li>Strong mathematical skills<\/li>\n\n\n\n<li><a href=\"https:\/\/www.theforage.com\/blog\/skills\/collaboration-skills\">Collaboration<\/a> and teamworking skills<\/li>\n\n\n\n<li><a href=\"https:\/\/www.theforage.com\/blog\/skills\/communication-skills\">Communication skills<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group forage__cta-pattern is-vertical is-content-justification-center is-layout-flex wp-container-core-group-is-layout-1 wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading has-text-align-center\">Showcase new skills<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Build the confidence and practical skills that employers are looking for with Forage&#8217;s free job simulations.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.theforage.com\/course-catalog\">Sign up for free<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bottom-line-the-difference-between-retail-and-commercial-banking\">Bottom Line: The Difference Between Retail and Commercial Banking<\/h2>\n\n\n\n<p>The key difference between retail and commercial banking is who the products are designed for. While retail banks service individuals, communities, small businesses, and families, commercial banks focus on larger companies, government entities, and institutions.&nbsp;<\/p>\n\n\n\n<p>Additionally, commercial banks are broader in scope \u2014 retail banking is often a division within a commercial bank, alongside investment banking functions and asset management services.&nbsp;<\/p>\n\n\n\n<p>Certain careers exist in both commercial and retail banks, such as underwriters, loan officers, tellers, and branch managers. However, in retail banks, there are also positions for personal bankers and personal finance advisors. Commercial banks, on the other hand, offer careers in more complicated financial services, like portfolio management, relationship management, and investor relations.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Categories<\/th><th><strong>Retail Banks<\/strong><\/th><th><strong>Commercial Banks<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Main Consumers<\/td><td>Individual people, families, and small businesses<\/td><td>Businesses, corporations, institutions, and government organizations<\/td><\/tr><tr><td>Types of Products and Services<\/td><td>Checking and savings accounts<br>Debit and credit cards<br>Mortgages<br>Personal loans<\/td><td>Checking and savings accounts<br>Lines of credit<br>Business loans<br>Foreign exchange services<br>Wealth management services<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Do you want to discover if banking is the right career path for you? Explore your options with Forage&#8217;s <a href=\"https:\/\/www.theforage.com\/course-catalog\/Finance\"><strong>free<\/strong> finance job simulations<\/a>.&nbsp;<\/p>\n\n\n\n<p><em>Image credit: Canva<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Retail banks provide financial services like checking accounts and mortgages to individuals and small businesses. On the other hand, commercial banks work with commercial entities \u2014 businesses, governments, and institutions \u2014 and offer a range of services and products, such as investment management and savings accounts.&nbsp; So, what explains the difference between retail and commercial &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/theforage.wpengine.com\/careers\/difference-between-retail-commercial-banking\"> <span class=\"screen-reader-text\">Retail vs. Commercial Banking: What&#8217;s the Difference?<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":3630,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"forage_sticky_bar_enabled":false,"forage_sticky_bar_content":"","forage_sticky_bar_button_text":"","forage_sticky_bar_button_url":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"forage_editor_id":17,"forage_reviewer_id":0,"forage_authors":[],"veps":[3269,3420],"forage_sidebar":0,"forage_related_disabled":false,"forage_toc_enabled":false,"forage_toc_level":0,"modified":"2023-05-01T18:12:51","footnotes":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.5 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retail vs. Commercial Banking: What&#039;s the Difference? - Forage<\/title>\n<meta name=\"description\" content=\"What explains the difference between retail and commercial banking? The clients they service. Learn more about these types of banks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theforage.wpengine.com\/careers\/difference-between-retail-commercial-banking\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail vs. Commercial Banking: What&#039;s the Difference?\" \/>\n<meta property=\"og:description\" content=\"What explains the difference between retail and commercial banking? The clients they service. 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