A Guide to the Financial Services.
This is a wide industry which covers a host of many services. While this article may not indulge deeply into all of them, we shall cover those that are most basic and are popular with most people. One of the most known 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.
Most banks have loans services with them. 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. Fixed deposits is also another product offered by the banks. 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. Since banks are looking for symbiotic relations with most firms, the banks will take it upon themselves to be financial advisors to the firms.
Other financial services offered not necessarily by banks are insurance services. Insurance has many sub divisions under it i.e. we have health insurance, asset management, car insurance, property, etc. Insurance companies and insurance brokers here are the main players and they usually work hand in hand. Major investment companies have financial advisors and a wide range of products here a person can choose willingly the products he wishes to invest in.
Then there is the Foreign exchange service where people trade in currencies. A person can either employ the experts in this field or work for himself if he has the knowledge. It started in the Middle east and has found its way to every corner of the world where there is civilization. Stock trading is also another major service offered. Any person can multiply his/her money by trading in stocks as long as he has the knowledge of the market.
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 have financial exports though not majorly discussed under financial services. People will move out of their native places and go offer financial services to another country. That said, this shouldn’t be confused with company expansion to other countries.
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