Final answer:
Universal banking means a financial institution can provide a wide range of services under one company structure, including banking services (such as accepting deposits and providing loans) and non-banking services (such as insurance, investment, and advisory services).
Step-by-step explanation:
Universal banking means a financial institution can provide a wide range of services under one company structure. This includes both banking services (such as accepting deposits and providing loans) and non-banking services (such as insurance, investment, and advisory services).
For example, a universal bank can accept deposits from customers, offer various types of loans (such as personal loans, mortgage loans, and business loans), provide insurance products (such as life insurance and property insurance), offer investment options (such as mutual funds and stocks), and provide financial advisory services to help customers manage their wealth.
By offering such a wide range of services, universal banking allows customers to access multiple financial products and services conveniently from a single institution, rather than having to deal with multiple banks or financial institutions. This can save time, reduce costs, and provide customers with a one-stop solution for their financial needs.