Financial services means the services offered by the finance industry. The finance industry comprises a wide range of organizations, for example, banks, insurance companies, stock brokerages, credit card companies, investment funds, consumer finance companies, government sponsored enterprises etc, dealing with the money management.
Many financial organizations provide financial services to the people. The financial services industry has represented 20% of the market capitalization, as of 2004, of the S&P 500 in the United States.
The term “financial services” has got the importance in the United States due to the result of the Gramm-Leach-Bliley Act of the 1990s, which allowed different types of companies operating in the financial services industry of US to merge. In the United States of America, almost every company, which previously addressed themselves as a bank or brokerage house or insurance company, now describes themselves as a financial services institution.
- Banking services is one of the main financial services.The main operations of the bank is listed below:
Issuance and processing of credit card transactions and, also, billing.
Providing Charge card to the customers so that they can settle credit advances monthly.
Keeping money safe and at the same time, allowing the withdrawals if necessary.
Issuance of debit cards as a substitute for the checks.
Notary service for financial documents.Finance Table
Last Updated on : 1st August 2013