Different Types of Financial Services.
This is a wide industry which covers a host of many services. We shall try to cover those that are common and popular with most people. Banking industry is common all over the world and needs no introduction. The core business of any banking institution is safe-keeping of depositor money and allow withdrawal by the person at free will.
In the banking industry, most of the commercial banks offer services such as loans. Loans are meant to enable a person attend to his needs and later on pay but with an interest charged. Loans come in different packages depending on the target by the banks. In addition to the above, banks also have fixed deposits accounts or services. This is whereby; the bank is given a certain amount of money to keep for a fixed amount of time but will pay the depositor some interest. Those companies that have many employees, will arrange with the banks to deposit amount direct to their accounts. Most banks will want the ties between them and firms to be stronger and therefore some of them will be advisors financially to these companies.
Insurance services is also one of the products under financial services. Insurance has many sub divisions under it i.e. we have health insurance, asset management, car insurance, property, etc. Insurance companies and insurance brokers here are the main players and they usually work hand in hand. Investment companies are there with a lot of products where a client goes to choose his preference.
Then there is the Foreign exchange service where people trade in currencies. One can decide to trade by himself hopefully he has all the know how to trade. It started in the Middle east and has found its way to every corner of the world where there is civilization. Another popular service is the stock trading. Stock trading or trading of shares is one way one can increase the money if one happens to know the patterns and market forces.
Shylock financial services though known are considered by many with low esteem. Most people tend to overlook this financial aspect but apparently it is more common among people as a way of getting quick cash. The long processes and validation by the lending institutions are what give life to the Shylock business since shylock rarely have much paperwork.
We have financial exports though not majorly discussed under financial services. People will move out of their native places and go offer financial services to another country. That said, this shouldn’t be confused with company expansion to other countries.