Types of Financial Services
Financial services are an important part of a well-developed economy. They include banks, credit unions and other lending institutions. They offer consumers a variety of savings and investment options, as well as insurance coverage.
A wide variety of companies provide these services, ranging from small local banks to big banks with nationwide presence. There are also many other kinds of financial institutions, like brokerage companies and insurance agencies.
Banks offer customers checking accounts, savings accounts and more, which earn them revenue in the form of interest on their deposits. They also have a range of loan products and other services, including mortgages and auto loans.
Investment banks are a separate category from “banks,” but they offer similar financial goods and services to their customers. They provide mergers and acquisitions, underwriting, restructuring, and other types of financing, as well as equity and debt funding.
Insurance is a broad term that includes a lot of different types of policies, such as health, life, and auto insurance. It also includes brokers who negotiate rates and underwriters who create policies.
Digitalization of BPM
The industry is undergoing huge transformations as technology continues to evolve and the digital economy grows. One of the biggest trends is the digitization of business processes, such as account opening, loan applications, and customer service.
This helps financial services to improve efficiency and reduce the number of manual processes that take up too much time. It also removes repetitive tasks, allowing employees to focus on more valuable work and customers.