Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds and some government-sponsored enterprises.
- Bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets.
- Retail banking (dealing directly with individuals and small businesses)
- Commercial banking (directed at large business entities)
- Investment banking (relating to activities on the financial markets)
- Foreign exchange services are provided by many banks and specialist foreign exchange brokers around the world. Foreign exchange services include:
- Currency exchange - where clients can purchase and sell foreign currency banknotes.
- Wire transfer - where clients can send funds to international banks abroad.
- Remittance - where clients that are migrant workers send money back to their home country.
- Investment Services are provided by many banks and specialist foreign exchange brokers around the world. Foreign exchange services include:
- Investment management - the term usually given to describe companies which run collective investment funds.
- Hedge fund management - Hedge funds often employ the services of "prime brokerage" divisions at major investment banks to execute their trades.
- Custody services - the safe-keeping and processing of the world's securities trades and servicing the associated portfolios.
- Insurance services are provided by many banks and specialist foreign exchange brokers around the world. Foreign exchange services include:
- Insurance brokerage - Insurance brokers shop for insurance (generally corporate property and casualty insurance) on behalf of customers.
- Insurance underwriting - Personal lines insurance underwriters actually underwrite insurance for individuals, a service still offered primarily through agents, insurance brokers, and stock brokers.
- F&I - Finance & Insurance, a service still offered primarily at asset dealerships.
- Reinsurance is insurance sold to insurers themselves, to protect them from catastrophic losses.