Financial services are services provided by companies that are involved in the finance industry. These businesses include credit unions, banks, and credit-card companies. The financial services industry is very diverse, and there are many different kinds of companies within it. Banks are often considered financial services, but there are also many other types of businesses that provide financial services.
The financial services industry is becoming increasingly complex and competitive. Changing consumer expectations require financial services companies to continually adapt and evolve. In addition to adjusting to changing consumer expectations, many companies are pursuing creative transactions involving traditional financial institutions and fintech startups. This convergence is fostering a vibrant marketplace for potential partners. Nontraditional banks, like online banks, have also emerged in an effort to capture market share. These companies often offer features such as lower overdraft fees, higher APY accounts, and user-friendly apps.
The financial services industry also includes accountants and tax filing services. Some companies also offer mortgages and other forms of personal loans. Others provide investment opportunities, such as mutual funds. Credit card networks and credit card machine services also fall within the financial services sector. Global payment providers, like Visa and MasterCard, also provide services. In addition, the financial services industry provides advice and information to help people save money.
Another type of financial service is debt resolution, which helps people get out of debt and live debt-free lives. Debt can be accumulated through credit cards, personal loans, and merchant accounts. Other financial services include financial market utilities, such as stock exchanges, clearing houses, derivatives, and commodity exchanges. They also include payment systems, such as real-time gross settlement systems.