The financial services industry provides economic services related to money, including investing, borrowing and saving. The sector also provides insurance products, such as life, property and automobile coverage. Financial services firms offer a variety of other products and services as well, such as checking accounts, deposit services (including cashing checks), credit cards, notary services, and electronic funds transfer.
Investment services help individuals and businesses build wealth by purchasing shares, mutual funds and other securities. These firms may also provide advisory services to assist with informed investment decisions.
Depository services allow banks and other institutions to collect and safely store deposits from consumers and businesses in exchange for interest payments. These organizations also extend lending services by allowing borrowers to access capital through loans and credit lines.
Financing services enable small businesses and entrepreneurs to acquire the resources they need to start or grow their companies through venture capital, private equity, and angel investments. In addition, these services can also provide financing for existing companies by underwriting debt and equity for mergers, acquisitions and restructuring.
Regulatory services provide oversight of the financial services industry, with independent agencies designated to oversee different institutions and uphold transparency. These services are vital for the overall health of the economy and help protect customers from fraud, identity theft and other types of financial abuse.