Financial services refer to the administrative services offered by the finance sector, which covers a wide spectrum of financial organizations that deal with money, such as banks, credit unions, credit card companies, mortgage companies, financial planners, and insurance companies. The service providers render financial services through various modes and these include offering advice on investment, savings, estate planning, pension, insurance, mortgages, and finance. Financial service providers also include insurance companies that provide life, health, disability, and worker's compensation and annuities. Other financial services include credit card debt consolidation, debt management programs, estate planning, and asset protection strategies. These financial services are performed by financial institution lenders, investment banking firms, venture capitalists, private investors, and others.
The main functions of the financial services sector are to provide low-cost investment banking and money market products to retail customers and to clients of financial organizations. This sector includes commercial banks, savings and loans, credit unions, mortgage companies, financial investments, and other money lending institutions. A large number of private financial companies offer investment products such as corporate bonds, commercial real estate loans, commercial loans, and sub-prime mortgages. The main function of investment banking is to provide commercial loans for businesses. They also provide other financial services such as savings, loans, and investment capital.Get more facts about finance at https://en.wikipedia.org/wiki/Outline_of_finance
Financial services, including financial advising, are also performed by registered investment adviser (RIA). Financial institutions perform the role of money lending through clearinghouses that facilitate international cash transactions. Money market funds are global funds that include repo-secured short-term liabilities. They include commercial paper and treasury bills. Be sure to click here for more info!
The main article below highlights the importance of Finance sector in India. This article focuses upon the contribution of Financial Service to the Indian economy. The article discusses various reforms taken by the Government to enhance the growth of the economy. These reforms have helped many small businesses and institutions to improve their financial performance. Besides, this sector also contributed to the GDP growth in the first decade of the new millennium. Be sure to see more here!
With the help of Reforms, Indian Small Businesses and Small Industries were able to raise the finance required for operations. Moreover, with the help of Reforms, the Financial Service Sector was able to introduce policies that would improve liquidity in the market and reduce cost and risk. To make it easier for the institutions and financial services to access the required funds, liquidity adjustment policy and market risk management plan were introduced by the Government.
However, Financial Services still requires improvement in many areas. Improving the efficiency of the process of money transfer and increase the transparency will help the users to enjoy the benefits of Reforms introduced by the Government. Financial institutions can contribute more to the overall economic growth of the country if they adopt these reforms seriously. In addition, it is expected that these financial bodies will be able to continue their role in supporting economic growth by helping the economy to deal with the current economic crisis. To make it sure that the government policies are successful, financial institutions should cooperate with the government.
