Financial services are those services which are
provided by the field of finance industry. This includes a broad range of organizations
that handle monetary system. The organizations are mainly credit union banks
and credit card companies. They also comprise of consumer finance companies,
stock brokerages, investment funds and some government sponsored enterprises.
The
primary options of banks include keeping money safe and allowing withdrawal of
money when needed by maintaining accounts of customers with them, when
customers makes relationship with any bank they are provided by many facilities
along with the account for example they issue the cheques books for easy transaction
payments of any type, they provide with visa debit card, credit cards, consumer
loans ,which includes personal loans, Running finance ,auto loan etc ,for
customer convenience banks provide fund transfer facilities and most of all to
give easy access to the customer banks provide online services so that
customers can use their account anywhere anytime and along with this as now
people are always short of time banking sector introduced internet banking
through which their customers can access their account from home and can see
the basic details of their account while sitting home and can also make
transaction like fun transfer, bill payments etc.
Apart fromthem;
there are many other types of financial
services that a bank provides, Private banking allows a high net worth to
all individuals, they even provide personal services like wealth management,
tax planning. The capital market bank rewrites the debt and equity; they also
assist company deals and restructure debts. Similarly, the credit card machine
and payment networks allow usage of a wide range of these. They include foreign
exchange services, where buying and selling of currency takes place.
The
foreign currency banking provides banking transactions which are dealt in
foreign currency accounts. The wire transfer also allows the customers to send
funds to international banks abroad. Others embrace
intermediation and advisory services. These financial services include stock brokers and discount brokers;
Private equity also enables funds to be easily transferred. The venture capital
is a type of equity that is provided by the professional outside investors. The
angel investment is leaded by an individual who provides capital for a business
to establish.
The
conglomerates are a financial service that is active in more than one sector.
The debt resolution is a consumer service which helps the individuals to pay
off their debts more easily and systematically. Insurance brokerage helps
brokers to shop for insurance generally corporate property and casualty
insurance on behalf of customers. The next is insurance under writing which
allows the insurance underwriters to actually underwrite insurance policy for
individuals. This is a financial service still offered primarily through agents,
insurance brokers, and stock brokers. The reinsurance is insurance sold to
insurers themselves, to protect them from catastrophic losses. Thus it is
important for every individual to realize that the through these financial services they have received a
lot of facilities through the modern technology. So conclusively these are very
helpful for the economy if positively taken in account.
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