Banking · Retail Banking Operations

Consider the following statements regarding retail banking: Statement 1: Retail banking contributes significantly to the national economy by mobilizing small savings into productive investments through the credit multiplier effect. Statement 2: The 'Retail Banking' label applies only to private sector banks, as public sector banks are strictly classified as 'Social Banking' institutions. Statement 3: The use of 'Big Data Analytics' allows retail banks to predict customer 'Churn' (the likelihood of a customer leaving the bank) before it actually happens. Statement 4: A retail bank's 'Asset Liability Committee' (ALCO) primarily focuses on the stock market performance of the bank's shares rather than the maturity of its deposits. Statement 5: 'Cross-selling' is an ethical concern in retail banking if products like insurance are 'forced' upon customers as a condition for granting a loan. Statement 6: The 'Business Correspondent' (BC) model is a retail banking innovation that allows banks to provide services in unbanked areas through local agents. Statement 7: The future of retail banking lies in 'Hyper-personalization' where every customer receives a unique set of products and interest rates based on their individual risk-reward profile. Which of the following combinations represents the correct statements?