Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector firms that provide management of money and credit. This includes credit unions, banks, credit-card companies, insurance agencies, brokerage firms, and other credit-financing organizations. These companies offer a wide variety of products and services, such as checking and savings accounts, credit-cards, loans (both personal and mortgage), investment funds like mutual funds and stocks, and other asset management options.
Financial institutions also make it possible for consumers to purchase a number of consumer products on hire, such as cars and housing. This encourages production, employment, consumption and saving. It also allows backward regions to catch up with the developed world by giving them fiscal and monetary support for development.
In addition, financial services help consumers protect their assets against unforeseen calamities by providing various types of insurance. These include health, life, and automobile insurance. These protect consumers from loss of property due to unforeseen events and allow them to invest their savings in other productive activities.
Many businesses in this sector emphasize training and on-the-job learning for their employees. They often promote people from within the company based on aptitude rather than tenure, and they give their employees opportunities to expand their skill sets through conferences and seminars. Additionally, these companies are known for offering generous benefits packages. Depending on the size of the firm, these may include health, dental, and vision insurance; life insurance; 401(k) plans; and more.