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Money is indispensable in many aspects of life. It is used in the purchase of all our daily needs and necessities. Whenever we need money for significant reasons such as investing, we have to engage financial service providers. Financial services refer to the economic services that are provided by the entire finance industry. The industry encompasses a range of organizations such as banks, insurance companies, credit unions, stock brokerages, consumer finance companies and investment funds. All these institutions major in money management.

Finance web directory

Of all the financial services, banking is the major one and is the most appreciated. Banks provide their clients with a secure and safe way of depositing and storing their money. The banks take the money and place it into a guaranteed investment fund for profit. The clients are paid an interest for the money held in the bank. Banks are also engaged in the provision of other financial services such as checks, loans, credit cards and mortgages. They offer check books to ease the payment of bills and execution of other transactions. The loans offered may be personal or commercial. Their credit card services include issuance of the cards and the processing of transactions and billing.

Banks also allow transactions through Automated Teller Machines (ATMs). They offer electronic and wire transfer of funds between banks. They provide overdraft agreement to help customers meet monthly financial spending commitments. Banks also offer other financial services and are the most appreciated and commonly used financial services providers.

Insurance brokerages find appropriate insurance covers for their clients. Insurance covers transfer the risk of loss or liability from the insured to the insurer in exchange for a premium payment that may be a single amount a series of little payments. These services are nowadays prevalent over the internet as insurance brokers try to advertise their services. Insurance underwriting services are offered through agents, stock brokers and insurance brokers. Insurance plans include life insurance, term insurance, health insurance, auto insurance and property and casualty insurance. They are offered to individuals and business organizations.

Investment services include asset management, hedge fund management and custody services. Typically, investors place their money with these service providers who are expected to manage it and yield returns. Asset management services are offered by companies which run a collection of investment funds. Hedge fund management services are offered by prime brokerage divisions often located in major investment banks which enable them execute their trades. Custody services involve the processing and safe-keeping of securities trades. They also involve servicing all the associated portfolios.

Credit card services are offered by credit card companies which also engage in banking services sometimes. These services are very common as the use of credit cards is common all over the world and their popularity is growing. On purchasing a commodity, the credit card company pays for the commodity but advances a loan to the card holder and charges an interest on that amount.

Financial services play an important role in the society. Without them, no economy would be running. They make it possible for people to meet their financial needs and realize their goals in life.