Financial service is a term that is used to describe various offerings within the finance industry. It includes everything from the management of insurance and money to digital banking technology and payments.
The financial services sector is boosting its adoption of paying with cash and digital technology and participating in personal meetings with financial consultants. Financial services have a wide range of stakeholders and active players, including credit card issuers and processors, legacy banks, and upcoming rivals.
Additionally, financial services and activities have become more digitized, the financial institutes and startups are improving their technology and extending their remote services. There are three types of general financial services personal financial services, consumer financial services, and corporate financial services. These three are significant players for companies trying to climb the ladder in the financial service industry.
Personal Finance: Personal finance is an individual’s saving, budgeting, and spending of resources like income over a period of time. It helps prepare the customer for all life’s stages and major events. It helps in planning their entire life, from buying their first car to a retirement plan.
Consumer Finance: With the help of Consumer finance, people can afford products and services by letting them pay in installments over a period of time, from investing in real estate to paying for college. This market comprises key players in the Consumer Finance market, including credit card services, mortgage lenders, and loan services(personal and student loans).
Corporate Finance: All the financial activities carried out in the corporate world, or all the financial activities which take place in a business, are called Corporate Finance. Some types of Corporate finance are sources of funding, actions to increase the company values, capital structure, etc.
One of the main industries which are connected to the regulatory body is financial services. Independent organizations are assigned to monitor the operations of the various financial institutes and guarantee that their customers are treated fairly.
The two key agencies with financial services include the Financial Industry Regulatory Authority, also known as (FINRA), and the Office of the Comptroller of the Currency, also called OCC. FINRA is the largest independent US regulatory that supervises breakage firms and exchange markets. OCC is a separate US government agency’s treasury department designed to regulate all the national banks in the US.
The leading key players in the industry are Berkshire Hathaway, Ping An Insurance Group, Allianz, AXA, etc.
Our Banking & Finance category segmentation encompasses:
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