Final answer:
Retail banking provides services to individual customers, while commercial banking serves businesses and corporations.
Step-by-step explanation:
Retail banking and commercial banking are two different sectors within the banking industry that cater to different types of customers and have different objectives.
Retail banking refers to banking services provided to individual customers, such as personal checking accounts, savings accounts, mortgages, and consumer loans. Retail banks typically have a wide branch network and offer convenient services like online banking and ATMs for individual customers.
Commercial banking is focused on providing services to businesses and corporations. Commercial banks offer business loans, lines of credit, cash management services, and other financial products tailored to the needs of businesses. They also assist with the facilitation of international trade and other commercial activities.
In summary, while retail banks primarily serve individual customers, commercial banks focus on serving businesses and corporations.