Financial Services a Guide to.
Financial services is a wide industry which covers a range of products. Since the subject in question is wide, we shall try and cover those that are popular and commonly known. One of the most common all over the world is the banking industry. The primary function of any bank is to keep someone money safely and allow withdrawal of the said money at the sole discretion of the depositor.
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. Since the bank has a target persons, this necessitates packaging of the loans differently. In addition to the above, banks also have fixed deposits accounts or services. Basically this means that someone will take his money to the banks for a certain duration and then collect it with some interest added on top. Those companies that have many employees in their payroll, will have an arrangement with the bank to deposit money direct to their accounts. Since banks are looking for symbiotic relations with most firms, the banks will take it upon themselves to be financial advisors to the firms.
Whereas some commercial banks will offer insurance services, basically this is not an exclusive to them. Car insurance, asset management, health insurance are some of the products listed under insurance since it involves a range of products. Insurance companies and insurance brokers here are the main players and they usually work 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.
Then there is the Foreign exchange service where people trade in currencies. This can be done individually by a person if he has the knowledge or by using the experts. It started in the Middle east and has found its way to every corner of the world where there is civilization. Another popular service 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 some financial services which have considered backdoor services an example is the Shylock services. Most people tend to overlook this financial aspect but apparently it is more common among people as a way of getting quick cash. The long processes and validation by the lending institutions are what give life to the Shylock business since shylock rarely have much paperwork.
We still have the financial export as a division under the financial services. 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.