Explain financial services

What are the types of financial services? What services do financial institutions offer? What do financial services company do? The finance industry encompasses a broad range of organizations that deal with the management of money.

See all full list on accountlearning. Utility and significance of financial services in current scenario –. The significance of financial services lies in –. Channelizing the funds for economic growth and development of a country and. Implementing monetary and debt management policies of the government. This diversity also accommodates different skill sets, which means you can find opportunities to add new skills, while building those you already possess.

This may be handled by either a government or non-government organization. Examples are the Banks, investment banks, insurance companies, credit card companies and stock brokerages. Services and products provided to consumers and businesses by financial institutions such as banks, insurance companies, brokerage firms, consumer finance companies, and investment companies all of which comprise the financial services industry.

Financial regulation has also influenced the structure of. Given below are the various types of financial services which one can expect getting from financial institutions –. These include many different kinds of organizations such as banks, investment companies, credit card companies, insurance companies and even government programs. Banking includes handing deposits into checking and savings accounts,. Expert advisory services help both people and organizations with a variety of tasks.

This type of financial service helps people. They can do this by using an interbank network to transfer funds to clients. Sometimes it costs a lot of money to make changes, whether they involve developing and launching a product or overhauling existing social policies. Whatever your goal, gaining funding will most likely begin with an executive report, explaining your project’s details and your financial needs to a target audience.

Based on this, financial risk can be classified into various types such as Market Risk, Credit Risk, Liquidity Risk, Operational Risk, and Legal Risk. Future and Options Trading. Creating a financial plan helps you see the big picture and set long and short-term life goals, a crucial step in mapping out your financial future. By far, the most important part of both your report and your executive summary is your financial statement.

You’re asking for money and your summary must make a powerful case for why the investor’s money is safe with you and when and how he’ll see a return. If other investors have already come on board with you, identify them. They protect you from financial risk and fraud. But they must be balanced with the need to allow capitalism to operate efficiently. A simple definition of a security is any proof of ownership or debt that has been assigned a value and may be sold.

For the holder, a security represents an investment as an owner,. The financial services arm of the company was able to reach out and contact and provide customers with outstanding service. Without them, individuals with money to save might have trouble finding those who need to borrow, and vice versa. And without financial services , people would be so intent on saving to cover risk that they might not buy very many goods and services.

Various financial services such as leasing, factoring, merchant banking, etc. The growth of trade in the country also induces employment opportunities. Financing by Venture capital provides additional opportunities for techno-based industries and employment.

Accordingly, financial service providers must get their message across effectively and ensure an attractive image. In addition to providing substantial employment, finance serves three main purposes: Credit provision. Ghana’s financial services sector can be classified into three main categories i. The sector has shown significant development over the past decade.

Mobile financial services (MFS) span the full spectrum of financial services , from payments and current accounts, to savings, loans, investments, and insurance.