Almost six out of every nine adults in the world have a financial account in 2017. This means that they have access to money and other financial services.
These services include personal loans, mortgages, credit cards, auto loans, checking accounts, savings accounts, and more. The services are provided by banks and other financial institutions. They are also available online. Some banks offer user-friendly apps to help you manage your money.
Another area of financial services is the insurance industry. Insurance covers a variety of large unforeseen expenses. The insurance industry is also responsible for health-related claims. Insurance is a safety net, and there are many types of insurance.
Other financial services include mortgage lenders, credit card companies, and banks. Banks also offer savings accounts and loans. Credit cards are also a popular payment method. These firms often offer rewards programs and co-branded credit cards with hotels.
The financial services industry also includes investment firms and brokers. Brokers help their clients buy and sell securities. They may also be involved in financial consulting.
Financial service providers are intermediaries that make loans and invest funds for their clients. They also redistribute risk by pooling their clients’ funds. This helps them make money. They also accept deposits and facilitate the settlement of accounts. These firms also sell shares and bonds to raise funds.
A few of the largest financial services companies include American Express, Berkshire Hathaway, and Wells Fargo. These companies are active in retail banking, health insurance, life insurance, investment banking, and structured finance. Their stock is among the highest-priced in the world.