Financial services refer to economic services provided by businesses in the finance industry. They encompass a wide variety of different businesses, including banks, credit unions, and credit-card companies. These services help consumers make decisions about their finances and keep their money safe. The goal of financial services is to help consumers manage their money, whether they are buying a home or a car.
Financial services also help people manage their debt and save money. They provide credit and loan services, which help people pay off debt and get back on their feet. They also help businesses and individuals invest and save. By making money available to businesses and individuals, financial services create more demand for goods and services. This in turn means that producers must invest more money into their products.
Commercial banks provide financial services for many different purposes. They guarantee checks, accept deposits from customers, and provide credit facilities. Commercial banks also underwrite equity and debt for the public sector, and provide advice to help companies deal with mergers and takeovers. Other financial goods include stocks, bonds, commodities, real estate, and insurance policies.
Insurance is an important subsect of the financial services industry. These services help people protect themselves against unforeseen expenses like loss of property or health. In addition, they protect people from liability or lawsuits. There are many types of insurance services, so it’s important to understand which one will best meet your needs.