This is a wide industry which covers a host of many services. Since the subject in question is wide, we shall try and cover those that are popular and commonly known. One of the most common all over the world is the banking industry. The main function of the banks is keeping safe the money of a person and at the same time, allow free withdraw of the said money.
In the banking industry, most of the commercial banks offer services such as loans. Loans are meant to enable a person attend to his needs and later on pay but with an interest charged. Since the bank has a target persons, this necessitates packaging of the loans differently. In addition to the above, banks also have fixed deposits accounts or services. This is whereby; the bank is given a certain amount of money to keep for a fixed amount of time but will pay the depositor some interest. Those companies that have many employees, will arrange with the banks to deposit amount direct to their accounts. Some banks will also offer to be financial advisors to the some firms which have very good monthly turnover in hopes that they will have a symbiotic relationship between the two of them.
Whereas some commercial banks will offer insurance services, basically this is not an exclusive to them. Car insurance, asset management, health insurance are some of the products listed under insurance since it involves a range of products. Insurance brokers who work with insurance companies are the main drivers in this industry. Investment companies are there with a lot of products where a client goes to choose his preference.
Then there is the Foreign exchange service where people trade in currencies. A person can either employ the experts in this field or work for himself if he has the knowledge. It started in the Middle east and has found its way to every corner of the world where there is civilization. Another popular service is the stock trading. People who invest in company stocks consistently, reap very good benefits from the trade.
There are some financial services which have considered backdoor services an example is the Shylock services. Regardless of its perception with people, it considered especially if one needs quick cash. Though it has high interest rates compared to normal loans or lending by commercial businesses, the bureaucracy instituted upon by the lending institutions give popularity to these businesses.
Although not considered as a major financial service, we also have financial exports. People will move out of their native places and go offer financial services to another country. Some companies will set foot with purposes of expansion to the countries, this shouldn’t be confused with financial export.