Fransabank's Philippe El Hajj attends a conference in Beirut, Wednesday, July 22, 2015. (The Daily Star/Hasan Shaaban)
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Retail banking in Lebanon needs to stay abreast of new technologies to maintain growth, experts at a banking summit held at the Radisson Blu Martinez Hotel advised Monday.Retail banking is the provision of services by a bank to individual consumers rather than to companies, corporations or other banks.Hajj said retail banking in Lebanon had grown significantly over the past five to seven years to constitute around 50 percent of the operations in the balance sheets of Lebanese banks. Aractingi attributed the growth in retail banking to consumers' need for retail services.One of the main challenges facing retail banking, Hajj said, was banks' ability to integrate technology into their daily operations.
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