The financial services sector is massive—it touches just about every aspect of our daily lives, from small community banks to large hedge funds and everything in between. But, while it might seem like financial services encompass all things money-related, the industry is actually divided into several distinct sectors. Banks provide checking and savings accounts, loan associations offer mortgages and personal loans, and credit card companies like Visa and Mastercard give us access to our purchasing power.
Insurance services provide customers with protection against unforeseen events such as property damage or illness. They also help individuals and businesses manage risks by offering investment products such as mutual funds, stocks, bonds, and other securities.
Banks often provide debit and credit card services, which allow consumers to make payments for goods and services in exchange for a percentage of the transaction amount. This is one of the most popular forms of payment, and it’s used by millions of people across the globe.
In addition to providing a wide range of payment options, some financial services firms offer debt resolution and other credit repair services for those in trouble. This helps them regain their purchasing power and improve their overall financial health. Financial services are a crucial component of the world’s economy, and they help people take control of their own finances. As a result, more people experience financial wellness, which means they’re more resilient when faced with unexpected hardships and are better able to save for the future.