The financial services industry provides a variety of economic services. It includes many different types of businesses, including banks, credit-card companies, and credit unions. The economic services provided by these businesses can include providing loans, investing, and arranging for insurance. However, financial services extend far beyond just the financial industry. It also includes a variety of other industries, such as insurance and real estate.
The main purpose of financial services is to facilitate economic growth by promoting investment and saving, which benefit individuals. As a result of this, financial institutions earn profits. Their work also promotes investment, production, and saving, which helps to create more demand for goods and services. This, in turn, allows producers to invest more and meet that demand.
Many industries are regulated by government agencies, and the financial services industry is no exception. Various regulatory bodies oversee the operations of financial institutions and ensure the clients are treated fairly. The United States government, for example, has several agencies that regulate financial services, including the Office of the Comptroller of the Currency. The Financial Industry Regulatory Authority, or FINRA, is one of these agencies.
The financial services industry includes everything from accountants to tax filing services. It also includes global payment providers, such as Visa and Mastercard. It also includes the creation of new financial technologies, such as FinTech.