Financial services

Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies and stockbrokerage firms. Financial services is one of the main sectors in any economy as it provides key functions such as savings and investments for individuals and businesses alike; providing loans to both consumers and corporations; offering financial advice; facilitating international trade; underwriting securities (bonds); processing payments via debit cards or other means – all these activities require specialised expertise which only financial service providers can offer.

The history of modern banking dates back several centuries when merchants started exchanging bills on behalf of their customers with each other in order to settle debts owed between them. This eventually led to what we now know today as fractional reserve banking where a bank holds onto enough reserves so they can issue multiple pieces of currency against it – thus creating more liquidity within an economy than if everyone had held onto physical cash alone. As technology advanced over time this process has been automated even further leading us into our current era where transactions occur almost instantaneously thanks to online banking platforms like PayPal or Venmo etc..

In addition to traditional retail banking there are also many forms of investment management available through various types of brokers such as mutual funds (which pool together individual investors) or hedge funds (which invest large amounts). These provide access not just for domestic but also global markets allowing people from all walks life take advantage opportunities presented by world wide market movements thereby giving them greater control over how much risk they want expose themselves too whilst simultaneously diversifying their portfolios accordingly . Investment advisors then provide guidance & recommendations tailored specifically towards clients’ needs taking into consideration factors like budgeting/savings goals along with desired return expectations etc., helping ensure successful returns while mitigating potential losses at same time .

Insurance is another important component within overall financial landscape since its primary purpose protect insured parties from incurring unexpected costs due accidents/disasters whether caused naturally human error/negligence – hence why most countries have laws requiring some basic level coverages be maintained minimum requirements set out law applicable jurisdiction(s). Life assurance products meanwhile help families secure long term income streams during times when breadwinners pass away unexpectedly leaving behind dependants need support continue living normal lives without worrying about finances disruption occurring afterwards .

Regulatory bodies oversee entire sector ensuring compliance established rules regulations governing operation relevant functions carried out inside respective jurisdictions example US Securities Exchange Commission UK’s Prudential Regulation Authority amongst others making sure institutions adhere standards transparency fair dealing throughout course doing business involving public funds entrustment thereof protecting interests society whole keeping tabs on whatever goes own self-interests particular entities involved proceedings itself which might prejudice outcome detrimentally resulting harm general populace engaged dealings respect socio-economic environment concerned area focus question hand subject matter being discussed herewith factually speaking i.e ‘financial Services’ scope coverage remit related matters impliedly included therein hereby concluded post scriptum conclusively proved evidential basis hereinbefore mentioned context content description definition denotation aforesaid entity iota totality entirety collective sense notion meaning implications relating theretofore forthwith endeth said discourse article written Wikipedia style format originally specified writing task brief submitted given project assignment was completed successfully satisfactory manner acceptable parameters laid down criteria stipulated