What benefits do customers get from a bank?

Answer 1

1. Safekeeping of funds: Banks offer a secure place to store money, with protection against theft and loss.

2. Access to credit: Banks provide various forms of credit such as loans, credit cards, and overdraft facilities to customers.

3. Savings and investment options: Banks offer savings accounts, fixed deposits, and investment products such as mutual funds and exchange-traded funds (ETFs) to help customers grow their wealth.

4. Convenience: Banks provide online and mobile banking services, ATMs, and branches for customers to access their accounts and conduct transactions.

5. Payment services: Banks offer payment services such as wire transfers, bill payments, and electronic fund transfers (EFTs) to facilitate transactions.

6. Financial advice: Banks offer financial advice, investment recommendations, and retirement planning services to customers who may need guidance on their finances.

7. Insurance: Some banks offer insurance products such as life and health insurance, home and auto insurance, and travel insurance to customers.

8. Rewards and incentives: Some banks offer rewards programs and incentives such as cash back, points, and discounts on products and services.