Pay day loans: fast forward for financial services

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 and credit card companies, insurance companies, accountancy companies, brokerages, investment funds and government-sponsored enterprises.

Financial services companies are present in all economically developed geographical locations and tend to cluster in local, national, regional and international financial centers such as London, New York City and Tokyo. There are also present vastly in Finland. Actan vippi on nopea rahoitus is more about financial services, their spread and acceptability all around Finland and Europe.

The term “Financial Services” has become more prevalent in the United States partly because of result from the Gramm-Leach-Bliley Act of late 1990s, which has enabled several types of companies operating in the US financial services industry at the time to merge.

Companies usually have two distinct approaches for the new types of business. One approach would be a bank which simply buys an insurance company or an investment bank that keeps the original brands of the acquired firms, and it adds the acquisition to its holding company, simply for diversifying the earnings.

The primary operations of financial services and banks (commercial as well as investment banks) would include,
  • Keeping money safe while also allowing withdrawals when needed
  • Cheque books issuing so that bills can be paid and other kinds of payments can be delivered by the post
  • Providing personal loans, commercial loans and mortgage loans, which are typically loans for purchasing a home, property and businesses
  • Issuing of debit cards for use of cheques as a substitute
  • Allowing financial transactions at branches or by using ATMs (Automatic Teller Machines)
  • Providing wire transfers of funds and Electronic Funds transfer between banks
  • Facilitation of Standing orders and direct debits, so that payments of bills can be made directly to the public
  • Providing charge card advances of the own money of banks for customers wishing for settling credit advances monthly
  • Notary services for financial and other documents
  • Accepting the deposits from customers and providing credit facilities to them
  • Selling investment products like mutual funds etc.
 Commercial banks are generally called “banks” whereas investment banks are distinguished. These are also financial services entities for lending money directly into various businesses. Financial services are of wide spectrum forming a specialist management domain of financial and accounting management which is a part of the course curricula of business management.

The field and sector of financial service include various sub parts globally. There are no national standards in any country except that there are government regulations and registered bodies of practitioners at national level at country level in most of the countries in which they vary for providing the kind of allocation of financial services. These services are:
  • Capital market services
  • Private Banking
  • Brokerage Services
  • Foreign exchange services
  • Investment services
  • Hedge fund management
  • Remittances
  • Custody services
  • Insurance brokerage
  • Insurance Underwriting
  • Finance & Insurance
  • Reinsurance
  • Intermediation or advisory services
  • Private equity
  • Credit card machine services and networks
  • Venture capital
The financial services industry in the modern world is growing fast and catering to different banking and financial needs of people in the modern world in their companies and businesses as well as for personal needs.
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