12 Questions
What is the term used to describe the process of building societies becoming companies in the late 1980s?
Demutualisation
Which UK organization is highlighted as the largest single savings organization in the UK offering various savings products?
National Savings & Investment (NS&I)
What distinguishes 'challenger banks' from traditional banks according to the text?
They focus on underserved areas
Which entity mentioned in the text is operated by the government and offers 100% security on all deposits?
National Savings & Investment (NS&I)
What type of products does National Savings & Investment (NS&I) primarily offer?
Savings Bonds and Certificates
How do customers lend to the government when investing in National Savings & Investment (NS&I) products?
By depositing funds in NS&I
What type of financial services do retail banks provide to retail customers?
Taking deposits and lending funds
In addition to traditional banking services, what other financial products do larger retail banks offer?
Investments, pensions, and insurance
What term is commonly used in the UK to refer to savings institutions?
Building societies
How were building societies established in the 19th century?
By pooling savings of individuals to help members build or buy houses
How are building societies described due to the ownership structure?
'Mutual societies'
Why have many smaller building societies merged or been taken over?
By larger ones or banks
Test your knowledge on the services provided by retail banks, such as deposits, lending, payment services, and money transmission. Explore the shift from traditional branch-based banking to online banking.
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