As the major insurance providers are trying to curb substantial amount of the Retail Bank’s Profits by their new ventures in the areas of Personal Banking, the Banks have also widened their spectrum. To give tough competition to other players of the market, Banks have started working as Investment Managers, Insurance and Pension Providers besides offering the traditional Personal Banking Services of providing Savings Accounts, Current Accounts,LoansandMortgages.
So, by widening the genre of Personal Banking, the Banks have become the financial institutions, who can serve to any financial need of the customers.