Financial services refer to the economic services provided by the finance industry. This industry is vast and includes a range of businesses, including banks, credit unions, and credit-card companies. They provide a wide range of products and services. Many of these services are available to individuals or businesses for a range of needs.
Financial services providers receive deposits, make loans, and invest the money. They usually earn a profit from the difference between the loans and deposits. Some also facilitate transfers of funds and the settlement of accounts. They also help companies buy and sell securities to raise funds. They also assist borrowers by selling bonds and shares. Some even offer financial advice and invest client funds.
The financial services industry is an important part of the economy of a country. It helps to boost the purchasing power and confidence of consumers. It also helps them to make important purchases. It allows consumers to purchase luxury items and car, and to maintain their standard of living. Financial services help them save for the future. They are a necessary part of a healthy economy.
Financial services include insurance, investment banking, and asset management. In addition to providing protection against property loss, insurance services also protect customers from liability and lawsuits. Insurance companies are comprised of brokers and agents. The insurance agent represents the insurance carrier, while the broker represents the insured.