Personal Banking and its Benefits

banking_personalPersonal Banking or retail banking as it is sometimes referred to, refers to the provision of banking products and services to individual customers (not corporates, SMEs or intermediaries). Here we will take a brief look at some of the main personal banking products / services and the channels through which they are delivered:

Personal Banking Products

Savings Accounts

A Savings Account allows you to withdraw and deposit money while earning interest on the balance  in the account.

Current Accounts

Current Accounts also allow you to withdraw and deposit money while also allowing you to issue cheques for payments.


Deposits hold your money for a fixed period of time and pay a guaranteed interest on the amount held in the account.


Financial assistance to help you meet your goals. Most loans allow you to repay the loaned amount over a period of time along with interest charges. Some popular loan products include home loans, auto loans, personal loans etc.


There are different types of card products including debit cards which are linked to a savings account and allow you to withdraw money or spend it at retailers’, credit cards which enable you to withdraw/spend up to a limit approved by your bank, ATM cards (linked to your savings account) which allows you to withdraw cash from ATMs and prepaid cards with a limit set by yourself which can be used for retail payments.

Citibank is a fine example of a bank that offers its customers a comprehensive bouquet of personal banking products including banking and investment products. Personal Banking is also taken to a new, personalized level through a range of financial services offered on your portfolio based on your financial goals.

Personal Banking Channels

Branch Banking

The branch stands for the traditional, time honoured form of personal banking. You can visit a branch, wait in line, if there are people before you, to be served by the teller and complete your banking business with the assistance of the teller.

Electronic Banking

As on September 2014 (according to statistics released by Bangko Sentral Ng Pilipinas), there were 106 banks in the Philippines that offered ebanking services. Ebanking services are offered through the following channels:

Internet banking You can login to the bank’s secure website and conduct transactions with ease and in comfort.

Mobile banking You can use your mobile to access a range of banking services. You can do this by visiting your bank’s mobile website through your mobile’s browser, by downloading and using your bank’s mobile banking app or even through SMS.

Phone banking You can also conduct banking transactions by calling up your bank’s phone banking customer service line and having them complete transaction(s) based on your instructions.

Citibank again is a good instance of a bank that not only offers a full complement of branch and ebanking delivery channels but also a pioneering new “Smart Banking” service where state-of-the-art technology has been harnessed to provide you with an intuitive, high class banking experience.