Learn More about the Financial Service

Financial service is the term used to describe the organizations which deal with the management of money. Examples are banks, insurance companies, brokerage firms, investment companies etc. It can also be defined as the facilities governed by a measure maintain by a party that exercises regulatory or supervisory authority delegated by law.

 Financial services are not only limited to the field of deposit making, loan and investment services. In fact it also provides insurance policies, security, and much other market distribution.

Different Financial Services

There are various types of financial service. The well known financial services are stated below.  

Commercial bank: Commercial banks are simply known as banks. The “commercial” term is used to differ it from investment bank. The operations of banks are described below.

·        To keep money safe and allowing withdraw when needed.

·        Provide personal loans, mortgage loans, commercial loans etc.

·        Notary service for financial and other services.

·        Sell investment product like mutual funds.

Foreign Exchange:  It is provided by many banks and broker house. It is also known as Forex. The operations of Forex are-

·        Currency exchange around the world.

·        Wire transfer.

·        Remittance, where migrant workers send their money back to their home country.

Investment services: These services invest money for the development of the country by building industries, real estates etc.

Insurance: There are many types of insurance services. For example Life insurance, Home insurance, Car insurance etc.

Other financial services: There are many other financial services like bank credits, discount brokers, investment banks, stock exchange etc

The Role of Financial Services to Economy

Financial services play very important role to our economy. The economic development of a country depends on the financial condition of a country. No one will be able to make a great change in their life without the proper financial growth. Financial services can play a great important role indirectly to our education, culture and social structure. In fact a country is known to the world by its financial state and only financial services can change the financial states. With the advancement of technology, new financial services are developed and investment becomes sophisticated. Financial services are taking part in industrialization, currency exchange, developing real estates, utilizing the natural resources etc.

 To develop our financial services we have to invest more. But now days there are so many services and people are totally confused where to deposit. Besides, there are many forged services which have no regulations. Before deposit we have to know the details about the specific financial service.

Conclusion

It is true that there are a variety of financial services. Every service has its own unique value! DO not trust anyone to take your financial service. It may cause the wastage of your money. Always choose the reputed service as the reputed sites always try to keep their reputation and that is the reason they never want to give poor services to the clients. So there is little chance to get the poor facility for the reputed service provider!