The Financial Services Industry
Financial services is a broad industry that includes banking and credit unions, insurance companies, stock brokers and investment firms. It also involves Wall Street and financial advisors.
The Global Finance Service Industry: A $US82 trillion sector
The Financial services industry is a global sector that encompasses a wide variety of businesses and organizations involved with the management of money and financial information. This sector is growing and employs millions of people worldwide.
It helps individuals and businesses manage their financial assets and make decisions about investments. It is an important part of the economy, and plays a vital role in human well-being.
Credit Services: Banks, credit unions and other financial institutions provide loans to people to help them make purchases or pay bills. Interest rates on these loans are often high, but they can help people get the cash they need for major purchases such as a home or car.
Insurance: Financial services offer different types of insurance to help people and businesses protect themselves against loss, liability and other risks. These include life insurance, health insurance, property and casualty insurance, reinsurance and more.
Promoting Savings: Financial services promote savings by allowing people to invest their money in various investment avenues that can earn reasonable returns without risking much of it. They can also help people grow their money by purchasing mutual funds and other instruments.
Deployment of Funds: These services allow people to deploy their money into productive activities such as purchasing goods and services. They also help to minimize the risk of losses due to natural disasters or other unforeseen events.