Which statement accurately describes retail banking?

Retail banking is specifically designed to meet the financial needs of individual consumers rather than businesses or corporations. It encompasses a range of services tailored for personal use, such as checking and savings accounts, personal loans, mortgages, credit cards, and other financial products that facilitate everyday banking activities for individuals and households.

This focus on personal finance makes retail banking distinct from other banking segments, such as commercial banking, which serves larger businesses, or investment banking, which deals with capital markets and corporate financing. Retail banking aims to provide accessible financial services that enable consumers to manage their money efficiently and meet their personal financial goals.

The other options describe aspects that are not representative of retail banking. For instance, serving corporations or focusing solely on loans for personal properties does not encompass the broad range of services offered to individual consumers. Additionally, investment banking services fall outside the scope of retail banking, as they cater to businesses and large transactions rather than focusing on personal financial needs.