Banking services can be categorized into various types, including:

• Retail Banking: Provides services to individual customers, such as savings accounts, loans, credit cards, and personal banking.
• Corporate Banking: Offers financial services to businesses, including commercial loans, cash management, and trade finance.
• Investment Banking: Involves activities related to raising capital, mergers and acquisitions, underwriting securities, and advisory services.
• Private Banking: Provides specialized banking services to high-net-worth individuals, including wealth management and personalized financial advice.
• Online Banking: Enables customers to access banking services through online platforms, including account management, fund transfers, and bill payments.
• Mobile Banking: Allows customers to perform banking transactions using mobile devices, offering convenience and accessibility.
• Asset Management: Involves managing investment portfolios on behalf of clients, including mutual funds, pension funds, and investment advisory services.

KYC stands for Know Your Customer, which is a process followed by banks to verify the identity of their customers and assess potential risks associated with them. KYC procedures involve collecting and verifying customer information, such as identification documents, proof of address, and other relevant details. It is a crucial step to prevent money laundering, fraud, and terrorist financing. KYC helps banks ensure compliance with regulatory requirements and maintain the integrity of the financial system.

A savings account is a type of bank account that allows individuals to deposit and withdraw funds while earning interest on the balance. It is primarily used for storing money and earning a modest return. Savings accounts typically offer lower interest rates compared to investment accounts but provide greater liquidity and ease of access to funds. They are suitable for individuals who want to save money for short-term goals, emergencies, or as a way to accumulate funds over time.

The functions of a central bank may vary from country to country, but some common functions include:

• Monetary Policy: Formulating and implementing monetary policies to manage the money supply, interest rates, and inflation.
• Banking Supervision: Overseeing and regulating commercial banks and financial institutions to ensure stability and compliance with regulations.
• Issuing Currency: Printing and issuing the national currency and maintaining its integrity and security.
• Foreign Exchange Management: Managing the country's foreign exchange reserves and implementing exchange rate policies.
• Clearing and Settlement: Providing clearing and settlement services for interbank transactions to facilitate smooth financial operations.
• Financial Stability: Monitoring and taking measures to maintain the stability and resilience of the financial system.

A credit score is a numerical representation of an individual's creditworthiness and their likelihood to repay debts. It is based on an analysis of their credit history, including factors such as payment history, credit utilization, length of credit history, types of credit, and new credit inquiries. Credit scores help lenders assess the risk of extending credit to a borrower and determine interest rates and credit limits. A higher credit score indicates a lower credit risk and may result in more favorable loan terms and access to financial products.

A mortgage loan, also known as a home loan, is a type of loan provided by banks to finance the purchase of a property. It allows individuals to borrow a large amount of money, typically over a long-term period, to buy a house or real estate. The property itself serves as collateral for the loan. Mortgage loans involve regular payments of principal and interest over the loan term. The interest rate and terms of the loan depend on factors such as creditworthiness, loan amount, and market conditions.

Anti-Money Laundering (AML) refers to a set of regulations, policies, and procedures designed to prevent the illegal process of making illicit funds appear legal. Banks and financial institutions are required to implement AML measures to detect and report suspicious activities that may be related to money laundering or other financial crimes. AML practices involve customer due diligence, transaction monitoring, reporting of suspicious transactions, and adherence to regulatory guidelines. AML helps safeguard the integrity of the financial system and prevent the use of banks for illegal purposes.

Online fraud refers to fraudulent activities conducted over the internet with the intention of deceiving individuals or organizations for financial gain. It includes various forms of scams, such as phishing, identity theft, credit card fraud, and online scams targeting banking or financial transactions. Online fraudsters often use social engineering techniques and malicious software to trick individuals into providing sensitive information or perform unauthorized transactions. Banks implement security measures, such as multi-factor authentication and fraud detection systems, to protect customers from online fraud.

Risk management in banking refers to the process of identifying, assessing, and mitigating risks faced by a bank. It involves implementing strategies and controls to minimize the impact of potential risks on the bank's financial stability and reputation. Risk management encompasses various areas, including credit risk, market risk, liquidity risk, operational risk, and regulatory compliance. Banks employ risk management frameworks, policies, and tools to proactively monitor, analyze, and manage risks in order to maintain a sound risk profile and protect the interests of depositors and stakeholders.

Customer Relationship Management (CRM) in banking involves strategies and technologies used to manage and enhance relationships with customers. CRM systems help banks effectively acquire, retain, and serve customers by capturing and analyzing customer data, preferences, and interactions. CRM enables personalized marketing, customer segmentation, targeted offers, and efficient customer service. By understanding customer needs and preferences, banks can deliver a better customer experience, increase customer satisfaction, and build long-term customer loyalty.