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Reviewed by Jul 30, 2021| Updated on
The transactions done with a bank and the services it offers to its customers is collectively known as banking. Banking can be done online, offline, or both ways. A bank is a financial institution licensed to receive deposits and offer loans. Banks also provide financial services, such as safe deposit boxes, currency exchange, and wealth management.
You can come across two types of banks—retail banks and investment banks.
While you can make banking transactions both in a brick-and-mortar location and an online presence, a new breed of banking only maintains an online presence. Online-only banks often offer consumers higher interest rates and lower fees. Convenience, interest rates, and fees are the driving factors in consumers' decisions of which bank to do business with.