open your own e-banking account in Malaysia

Online banking is something that most, if not all of us use now. It’s easy to use, convenient, secure and not to mention hassle-free. Nevertheless, there are still non-believers out there who do not trust banks. Whether it is because of the mistrust they have for banking institutions or they are into shady business or because they remain ignorant of these institutions, there are still people who still avoid banks. And, in view of the global pandemic, people have become progressively more dependent on banking institutions to carry out many of their errands. So, today I’ll be talking about retail banking, but before that head over to Hong Leong Bank to open your own e-banking account in Malaysia

What is Retail Banking?

So what is retail banking? Retail banking, which is often known as consumer banking or personal banking, is a type of banking that focuses on individuals rather than enterprises or businesses. Individual customers can use retail banking to manage their money, obtain credit, and deposit funds in a secure manner. Most of the services that we have come to expect are offered in retail banks. 

Retail banks provide services to retail customers, basically regular people like us who save our money in banks, whereas commercial banks provide their services to corporate customers and businesses. And though there are specific banks for retail banking and commercial banking, today, most banking institutions have both a retail and a commercial division. 

What are the services provided by Retail Banks?

So, we all know that banks provide various services besides just keeping our money safe and secure for us. The most we expect is some help with paying bills but did you know that there are several more services that banks provide. Listed below are the services provided by banks. 

Deposit Accounts

Deposit accounts include current accounts, savings accounts, fixed accounts and other types of accounts where customers can keep their money safe while earning interest. The difference between the three accounts mentioned above is the type of services each of them provides. 

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There are two types of loans namely secured and unsecured. Secured loans require some sort of collateral as a condition before you are after to borrow any funds from the banks. Collateral can come in the form of your assets like cars, houses or other goods that can cover the cost of the loan as well as its interest should you be unable to pay it back. 

Some examples of secured loans consist of mortgages, auto loans, and other types of loans to individuals that are secured by a single, big asset that the individual wishes to purchase. This is frequently one of a retail bank’s most lucrative revenue streams. These loans are usually used to purchase goods that cost a lot of money such as houses, cars and many more. Unsecured loans are the opposite of secured loans where they do not require any collateral whatsoever before borrowing the money. They consist of personal loans, lines of credit, and credit cards granted to individuals for personal use.


Some banks offer Certificates of Deposit (CDs) which are safe, low-interest investments that you can commit to. Compared to regular investments, these investments are watched over by the bank, which makes it safer as it ensures that you do not lose much money.