Banking & Financial Services
FINANCIAL SERVICES
FINANCIAL SERVICES can be defined as the products and services offered by institutions like banks of various kinds for the facilitation of various financial transactions and other related activities in the world of finance like loans, insurance, credit cards, investment opportunities and money management as well as providing information on the stock market and other issues like market trends.
BANKING SERVICES
FINANCIAL SERVICES can be defined as the products and services offered by institutions like banks of various kinds for the facilitation of various financial transactions and other related activities in the world of finance like loans, insurance, credit cards, investment opportunities and money management as well as providing information on the stock market and other issues like market trends.
Banks earn revenue primarily on the difference in the interest rates charged for credit accounts and the rates paid to depositors. Financial services like these primarily earn revenue through fees, commissions, and other methods like the spread on interest rates between loans and deposits.
BANKING SEGMENTS
Banking is made up of several segments—retail banking, commercial banking, and investment banking. Also known as consumer or personal banking, retail banking serves consumers rather than corporations. These banks offer financial services tailored to individuals, including checking and savings accounts, mortgages, loans, and credit cards, as well as certain investment services.
Corporate, commercial, or business banking, on the other hand, deals with small businesses and large corporations. Like retail banking, it provides account services and credit products that are tailored to the specific needs of businesses.
An investment bank typically only works with deal makers and high-net-worth individuals (HNWIs)—not the general public. These banks underwrite deals, secure access to capital markets, offer wealth management and tax advice, advise companies on mergers and acquisitions (M&A), and facilitate the buying and selling of stocks and bonds. Financial advisors and discount brokerages also occupy this niche.
INVESTMENT SERVICES
Individuals may access financial markets like stocks and bonds through investment services. Brokers—either human or self-directed online services—facilitate the buying and selling of securities, taking a commission for their efforts. Financial advisors may charge an annual fee based on assets under management (AUM) and direct several trades in the pursuit of constructing and managing a well-diversified portfolio.
Robo-advisors are the latest incarnation of financial advice and portfolio management, with fully automated algorithmic portfolio allocations and trade executions.
Hedge funds, mutual funds, and investment partnerships invest money in the financial markets and collect management fees in the process. These organizations require custody services for trading and servicing their portfolios, as well as legal, compliance, and marketing advice. There are also software vendors that cater to the investment fund community by developing software applications for portfolio management, client reporting, and other back-office services.
Private equity funds, venture capital providers, and angel investors supply investment capital to companies in exchange for ownership stakes or profit participation. Venture capital was especially important to technology firms in the 1990s. Much of what goes on behind the scenes in the making of big deals is attributed to this group.
CARD & PAYMENTS
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic funds transfer and access automated teller machines (ATMs). Such cards are known by a variety of names including bank cards, ATM cards, MAC (money access cards), client cards, key cards, or cash cards.
There are a number of types of payment cards, the most common being credit cards, debit cards, charge cards, and prepaid cards. Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder. These accounts may be deposit accounts or loan or credit accounts, and the card is a means of authenticating the cardholder. However, stored-value cards store money on the card itself and are not necessarily linked to an account at a financial institution.
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