Financial services is a large sector that encompasses many different businesses, from credit card companies to legacy banks and emerging challengers. It also includes the payment systems and digital banking technology that enable consumers and businesses to pay for goods and services from one another.
To find the right financial services for you, it is important to assess your specific goals and risk tolerance. You can start by considering the complexity of your situation, such as whether you are saving for retirement, buying a home, or balancing multiple goals. You may also want to consider how much you have to invest, or if you need ongoing advice and wealth management.
The most common financial services are those provided by depository institutions, including savings accounts and checking accounts; loans and credit services (such as mortgages and auto loans); debt resolution services; global payment networks such as Visa and MasterCard; and other critical financial utilities such as exchanges for stock, derivative and commodity trading and payment processing. In addition, private equity funds and venture capital providers make investments in new or existing companies in return for ownership stakes or profits. Finally, consumer-to-consumer lending and investment advisory services are provided by credit unions, banks, and brokerage firms.