Financial Services a Guide to.
This is a wide industry which covers a host of many services. Since the subject in question is wide, we shall try and cover those that are popular and commonly known. Banking industry is common all over the world and needs no introduction. The main function of the banks is keeping safe the money of a person and at the same time, allow free withdraw of the said money.
In the banking industry, most of the commercial banks offer services such as loans. Loans are basically money offered to someone in trust but will be charged with some interest upon returning the money. Loans come in different packages depending on the target by the banks. In addition to the above, banks also have fixed deposits accounts or services. This is a service where the banks are given a certain amount for a certain period and will give back with interest to the depositor. Some banks also offer monthly deposits to employees if they are have special arrangements with the companies which have many employees. Most banks will want the ties between them and firms to be stronger and therefore some of them will be advisors financially to these companies.
Insurance services is also one of the products under financial services. Car insurance, asset management, health insurance are some of the products listed under insurance since it involves a range of products. Here we have insurance companies which under them we have insurance brokers who work with them hand in hand. Another major branch is the investments companies which outline investment opportunities to clients and then will guide the clients where best to invest depending on the trends.
Trading in currencies is known as foreign exchange. One can decide to trade by himself hopefully he has all the know how to trade. This trade is old having started in the Middle East ages past and spread to every corner of the world. We also have other services which is similar to the aforementioned and that is the stock trading. Stock trading or trading of shares is one way one can increase the money if one happens to know the patterns and market forces.
There are those services that have low regard in this sector i.e. Shylock. Most people tend to overlook this financial aspect but apparently it is more common among people as a way of getting quick cash. Though it has high interest rates compared to normal loans or lending by commercial businesses, the bureaucracy instituted upon by the lending institutions give popularity to these businesses.
Although not considered as a major financial service, we also have financial exports. Just like normal exports, here is where financial experts and gurus go to other countries to offer assistance. Some companies will set foot with purposes of expansion to the countries, this shouldn’t be confused with financial export.