Financial services is an industry that provides a wide range of products and services to people, businesses and government entities. These include banking, investment management and insurance.
Banks are providers of a variety of financial goods and services, including checking and savings accounts, loans, mortgages and credit cards. Other types of businesses in this sector are investment banks, loan associations and brokerage companies.
Regulatory bodies supervise different types of financial institutions and ensure they operate within the law. This includes oversight of a company’s operations and the quality of customer service.
The financial services industry is a global industry that plays an important role in economic development. A strong financial services sector helps a nation’s economy grow by boosting consumers’ purchasing power and confidence. On the other hand, a failing system can drag a country’s economy down.