Financial services refer to economic services provided by the finance industry. This industry includes a wide variety of businesses, from banks and credit unions to credit-card companies. These services are critical to our everyday lives and are essential for keeping our money in the right place. If you are looking for a job, you should consider working in one of these sectors.
Financial services enable individuals and businesses to purchase products. They also help companies raise funds by selling shares or bonds. They also assist consumers by providing advice and investing funds. In turn, they increase economic growth. This creates demand for products, causing producers to invest more money to satisfy consumer demand. By providing these services, financial service providers earn profits.
Commercial banks provide a range of financial services, including deposit accounts, loans, and credit cards. They also provide financial advice, underwrite debt for the public and private sectors, and advise companies on mergers and takeovers. In addition to these basic services, financial services also offer sophisticated products for high-net-worth individuals and institutions.
Several governments regulate financial services. This ensures that the financial system is transparent and that customers are treated fairly. Financial services regulators in the United Kingdom oversee various types of financial institutions.