The financial services industry provides an array of economic services. Companies involved in this industry include banks, credit-card companies, and credit unions. These companies provide a variety of services to consumers, as well as to businesses. The finance industry is a highly regulated industry, and there are many regulations and standards that must be adhered to.
One of the main subsectors of the financial services industry is insurance. It provides protection against unforeseen events and liabilities. Most people understand insurance as a safety net for large unforeseen expenses, but insurance can take on many forms. Before purchasing a policy, make sure to research the insurance companies and the types of coverage available.
Another important area of the financial services industry is debt resolution, which helps individuals and businesses deal with debt. Consumers and businesses accumulate debt through a variety of sources, including credit cards, merchant accounts, and personal loans. Other areas of the financial services industry include stock exchanges, clearing houses, derivatives, and commodity exchanges. Financial services also include payment systems, including real-time gross settlement systems.
Technology is transforming the financial services industry. Advances in the Internet have increased accessibility and convenience for certain financial services, while lowering the cost of a wide variety of services. With this, the financial services industry continues to grow and change, as new players enter the market and meet customer demands.