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FINANCIAL SERVICES

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. Financial services companies are present in all economically developed geographic locations and tend to cluster in local, national, regional and international financial centers such as London, New York City, and Tokyo.

Banks often start as microcredit or savings clubs which become formalized, first as credit unions and later savings banks which transform themselves from cooperatives to limited liability companies. A fuller description of these forms appears below.

The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.


10 Types of Financial Services:

  • Banking
  • Professional Advisory
  • Wealth Management
  • Mutual Funds
  • Insurance
  • Stock Market
  • Treasury/Debt Instruments
  • Tax/Audit Consulting
  • Capital Restructuring
  • Portfolio Management

Importance of Financial Services

  • Vibrant Capital Market.
  • Expands activities of financial markets.
  • Benefits of Government.
  • Economic Development.
  • Economic Growth.
  • Ensures Greater Yield.
  • Maximizes Returns.
  • Minimizes Risks.
  • Promotes Savings.
  • Promotes Investments.
  • Balanced Regional Development.
  • Promotion of Domestic & Foreign Trade.

The primary operations of banks include :

  • Keeping money safe while also allowing withdrawals when needed
  • Issuance of checkbooks so that bills can be paid and other kinds of payments can be delivered by post
  • Provide personal loans, commercial loans, and mortgage loans (typically loans to purchase a home, property or business)
  • Issuance of credit cards and processing of credit card transactions and billing
  • Issuance of debit cards for use as a substitute for checks
  • Allow financial transactions at branches or by using Automatic Teller Machines (ATMs)
  • Provide wire transfers of funds and Electronic fund transfers between banks
  • Facilitation of standing orders and direct debits, so payments for bills can be made automatically
  • Provide overdraft agreements for the temporary advancement of the Bank's own money to meet monthly spending commitments of a customer in their current account.
  • Provide Charge card advances of the Bank's own money for customers wishing to settle credit advances monthly.
  • Provide a check guaranteed by the Bank itself and prepaid by the customer, such as a cashier's check or certified check.
  • Notary service for financial and other documents


Financial Services









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