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Retail banking, also known as consumer banking, provides financial services to individual consumers. It includes products like checking and savings accounts, personal loans, mortgages, credit cards, and online banking. Retail banks accept deposits from customers to offer loans and other products. They play a crucial role in providing credit, such as personal loans for buying a car or funding education, and mortgages for purchasing real estate. Credit cards allow borrowing money up to a certain limit. Online and mobile banking have become popular, offering convenience. Retail banks are regulated to ensure the safety of the financial system and protect consumers. Overall, retail banking is essential for managing personal finances, accessing credit, and facilitating financial transactions. Welcome to the listening test for English for Finance. Test to please listen carefully to the following passage, which will be read twice. After the passage, you will answer several questions based on what you have heard. SSML tags retail banking, also known as consumer banking, involves providing financial services to individual consumers rather than businesses or corporations. It encompasses a wide range of products and services, including checking and savings accounts, personal loans, mortgages, credit cards, and online banking. One of the primary functions of retail banks is to accept deposits from customers. These deposits provide banks with the funds necessary to offer loans and other financial products. Checking accounts are typically used for everyday transactions, while savings accounts are designed to help individuals save money and earn interest over time. Retail banks also play a crucial role in providing credit to consumers. Personal loans can be used for various purposes, such as buying a car, funding education, or consolidating debt. Mortgages, which are loans specifically for purchasing real estate, are another essential product offered by retail banks. Credit cards are another form of credit provided by retail banks, allowing consumers to borrow money up to a certain limit for everyday purchases and repay it later. In recent years, online and mobile banking have become increasingly popular, offering customers convenient access to their accounts and financial services. Through online banking, customers can perform a variety of tasks, such as transferring money, paying bills, and checking account balances, all from the comfort of their homes. Retail banks are regulated by various government agencies to ensure the safety and soundness of the financial system. These regulations are designed to protect consumers, maintain trust in the banking system, and prevent financial crises. For example, in the United States, the Federal Deposit Insurance Corporation, FDIC insures deposits, providing consumers with confidence that their money is safe even if the bank fails. Overall, retail banking is essential for managing personal finances, providing access to credit, and facilitating everyday financial transactions. It plays a vital role in the economy by helping individuals and families achieve their financial goals.