Financialservice is the term used to describe the organizationswhich deal with the management of money. Examples are banks, insurancecompanies, brokerage firms, investment companies etc.
Financialservice is the term used to describe the organizationswhich deal with the management of money. Examples are banks, insurancecompanies, brokerage firms, investment companies etc. It can also be defined asthe facilities governed by a measure maintain by a party that exercisesregulatory or supervisory authority delegated by law.
Financialservices are not only limited to the field of deposit making, loan andinvestment services. In fact it also provides insurance policies, security, andmuch other market distribution.
There are various types of financial service. Thewell known financial services are stated below.
Commercialbank: Commercial banks are simply known as banks. Thecommercial term is used to differ it from investment bank. The operations ofbanks are described below.
· To keep moneysafe and allowing withdraw when needed.
· Providepersonal loans, mortgage loans, commercial loans etc.
· Notary servicefor financial and other services.
· Sellinvestment product like mutual funds.
ForeignExchange: It isprovided by many banks and broker house. It is also known as Forex. Theoperations of Forex are-
· Currencyexchange around the world.
· Wire transfer.
· Remittance,where migrant workers send their money back to their home country.
Investmentservices: These services invest money for the developmentof the country by building industries, real estates etc.
Insurance: There are many types of insurance services. Forexample Life insurance, Home insurance, Car insurance etc.
Otherfinancial services: There aremany other financial services like bank credits, discount brokers, investmentbanks, stock exchange etc
TheRole of Financial Services to Economy
Financial services play very important role toour economy. The economic development of a country depends on the financialcondition of a country. No one will be able to make a great change in theirlife without the proper financial growth. Financial services can play a greatimportant role indirectly to our education, culture and social structure. Infact a country is known to the world by its financial state and only financialservices 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 developour financial services we have to invest more. But now days there are so manyservices and people are totally confused where to deposit. Besides, there aremany forged services which have no regulations. Before deposit we have to knowthe details about the specific financial service.
It is true that there are a variety of financialservices. Every service has its own unique value! DO not trust anyone to takeyour financial service. It may cause the wastage of your money. Always choosethe reputed service as the reputed sites always try to keep their reputationand that is the reason they never want to give poor services to the clients. Sothere is little chance to get the poor facility for the reputed serviceprovider!