Financial Services
The finance industry encompasses a wide variety of companies that provide economic services. This industry includes credit unions, banks, and other financial institutions. It also includes the currency exchange industry. Listed below are some of the services these companies provide. These services help people manage their finances and make life easier. These companies are important to society and can be found in all parts of the world.
Insurers
Insurers provide financial services to consumers and business enterprises. In addition to providing insurance products and services, they also provide reinsurance services. The latter type of service involves pooling payments from those seeking to insure against risk and paying the covered parties. In addition, insurers also serve as financial intermediaries, channeling money into assets such as bonds and commercial real estate. Unlike banks, insurers do not create money, but serve as important sources of financing for the real economy.
Real estate brokers
As a real estate broker, you’ll work hard to help buyers find their ideal home. You’ll also work hard to help sellers realize the maximum sales price. You may not have time to worry about personal financial planning, but you can always hire a financial advisor to handle these tasks for you.
Investment banks
Investment banks provide various financial services to companies and institutions. These services include trading, market-making, and promotion of various securities. These firms also provide advice and guidance to other institutions. Some of these institutions include private equity funds, life insurance companies, and unit trusts.
Currency exchange
Currency exchange is a financial service that allows individuals and companies to buy and sell foreign currencies. This service is crucial for businesspeople and investors who want to pay for goods and services in a variety of currencies. For example, an American wine importer needs to pay a French winemaker in euros, and a supplier in Australia in Australian dollars. He also needs to pay a Chilean winery in pesos. In both cases, currency exchange will help him make the purchase.
Credit card machines
Credit card machines are used to process payments for financial services. The machines read the card details and then send them to the acquiring bank, which sends them to the card network. The acquiring bank can also provide the merchant with a merchant account. In addition, the card networks also act as a liaison between the acquiring bank and the issuing bank, setting the fees for processing payments.
Accountants
Accountants in financial services are responsible for analyzing and maintaining the financial accounts of companies and individuals. They are often required to manage the financial risks of organizations and persuade clients on the merits of investments. Such work demands analytical and critical thinking skills as well as strong written and oral communication skills. Accountants also deal with a wide variety of records and have to manage their time well.