What Is Personal Banking?

Personal Banking is a term that encompasses the bank products and services that help meet your primary financial needs. This includes essentials like checking and savings accounts, as well as financial assistance products like credit cards and loans. It also includes services that help you achieve optimum financial wellness, such as budgeting and money management.

Whether you’re just starting out in life, buying your first home or investing in real estate, it’s important to be informed about the personal financing topics that matter most to you. Our library of resources, which is constantly expanding, contains everything from tips for saving to advice on the pros and cons of homeownership. If you have questions, contact our team of local banking professionals.

The simplest way to think about Personal Banking is the products and services that a bank offers its retail customers, rather than corporate or institutional clients, known as wholesale banking. The types of products and services that fall into this category include checking and savings accounts, certificates of deposit, debit and credit cards, as well as mortgage loans.

As the industry continues to evolve, new technologies are changing the way people manage their personal finances. The emergence of online banking, for example, allows you to check your balances at anytime, without having to visit a physical branch. It also provides you with the ability to transfer funds between your different accounts and monitor your spending habits in real time.

Another technological advancement has been the development of mobile banking apps, which provide the same convenience and functionality of traditional brick-and-mortar banking, but with the added bonus of being available on your smartphone or tablet. Regardless of the technology, a good banking app will enable you to make and receive payments from any location, at any time.

Aside from the obvious convenience of being able to access your financial information at any time, using a mobile app can save you a lot of valuable time. When you’re juggling a busy lifestyle, the last thing you want to do is spend extra time on chores like checking your balance or paying bills. That’s why many banks are offering online and mobile app-based services to their customers.

The day-to-day duties of a personal banker typically involve helping a customer open a checking or savings account, facilitating other ordinary banking transactions and offering ancillary products such as overdraft protection or a feature in which each debit card purchase is rounded up to the next dollar and the excess change automatically deposited into a savings account. Unlike investment bankers, who may use jargon that requires an MBA and preternatural math skills to understand, personal bankers are more likely to discuss topics with their clients such as the mortgage lending process or 529 college savings plans.

The goal of banking is to provide customers with a wide range of services that allow them to achieve a financial lifestyle that best meets their individual needs. For some, this may mean a simple checking account that pays very little interest while others may seek out investment opportunities that can grow their wealth. It’s important to speak with an experienced banking professional before making significant financial decisions.