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BlumPeck1
  • Full name: BlumPeck1
  • Location: Ekeremor, Bayelsa, Nigeria
  • Website: https://myemotion.faith/wiki/Finding_The_Best_Deals_On_Finance_Products
  • User Description: Financial service refers to all the financial services that are related to money. These include banking, insurance, investment, pension, lending, and financial solutions. Financial services are usually the service provided by the finance sector, which encompasses quite a wide spectrum of companies that deal with money, such as banks, credit unions, mortgage companies, credit card companies, etc. However, the term is usually used in relation to financial solutions only.Banks: The banks are the main service providers in the financial services industry. They provide financial services through loans, credit, investment, and savings accounts. In addition, they also deal with funds that are meant for specific purposes, such as reserves, surplus cash, government securities, and so on. Most banks offer direct financial services, whereas some operate through financial institutions and other third party financial organizations. In order to be in the financial services industry, banks must acquire financial goods from other people, either directly or indirectly.Financial advisors: Financial advisors provide financial advice to individuals and companies. They formulate retirement plans, investments, estate planning, insurance policies, and so on. They help individuals and companies to handle their money and plan for their future.Financial planners: Financial planners are also the service providers of financial services businesses. They assist individuals, companies, and governments in the selection and utilization of different types of financial products. They guide people to purchase the right financial products according to their needs, tastes, and preferences. Usually, financial planners perform different kinds of financial analysis and recommend the most suitable financial system for their clients.Commercial banks: Commercial banks are the main service providers in the commercial financial services industry. They engage in the business of lending money, creating accounts, providing loans, and so on. In addition, commercial banks can trade in different types of financial products such as certificates of deposit (CDs), treasury bills, and so on. The activities performed by commercial banks include creating liabilities at the Federal level and participating in various activities of the government.Investment services: Investment service providers are the financial services industry's middlemen. They organize and manage investment accounts, taking care of investment securities. These securities include government bonds, stocks, mutual funds, and so on. Investment service providers to facilitate the buying and selling of securities by banks, saving and lending institutions, and individual investors.Foreign exchange: Financial service providers also participate in the foreign exchange market. They facilitate the movement of funds internationally among domestic and foreign parties. They also undertake the trade of currency and monitor the use and exchange of foreign currencies at the national level. Among other foreign exchange markets, the foreign exchange market is the largest and most liquid. This market involves financial service providers as well as individuals, banks and other financial service companies that trade in currency pairs. The participation of foreign exchange brokers and dealers in the foreign exchange market ensures smoother and more reliable transition of funds among financial entities.Credit Card Companies: Financial services provider firms facilitate payment processes between customers and financial institutions. Service providers include banks, mortgage companies, and credit card companies such as Visa, MasterCard, Discovery, and American Express. The role of the credit card companies is to extend credit to customers. However, they also have a fiduciary obligation to the customers and they must act in the best interest of the customer.Insurance Companies: An insurance company is an employer of employees. Financial services companies play an important role in providing employee's health benefits. They have to follow the rules and regulations set forth by the government. In order to maintain a good reputation in the market and gain trust from consumers and other institutions, insurance companies ensure timely pay outs of benefits to employees.Commercial Banks: Commercial banks lend money and manage it in different manners. It facilitates financial and credit activities. They lend funds for businesses to start up. They engage in complex financial transactions such as buying and selling of foreign exchange currencies, stock exchanges, commodities and more. They facilitate all types of financial activities and hold a large number of assets in the collateral.Capital Market: Financial services ensure the funding of capital market. The capital market is the exchange of funds between various financial institutions and organizations to raise funds for various projects and purposes. The capital market also involves the provision of mortgage loans and home loans. In order to access capital market, financial institutions make use of various sources such as central banks, commercial banks, money market brokers, registered dealers, corporate money lenders and the like.

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