Retail banking, which is sometimes known as personal financial services, is what most people think of as high street banking; it concerns providing financial products and services, such as bank and saving accounts, insurance and mortgages, to individuals. Some banks also include their business banking wing in their retail banking division.
Retail banks are essentially retailers, so they need to combine meeting financial targets with good customer service. They turn a profit by charging fees for services or interest for borrowing money. When financial markets experience turbulence, some companies introduce more stringent criteria for borrowing money and increase their interest rates.