A financial service refers to a variety of products and services provided by the finance industry. The financial sector is made up of a varied range of organizations that are all engaged in the movement of money on a global scale, and the financial industry is no exception. Financing services are referred to as financial intermediation in certain quarters since they facilitate the transfer of funds between parties.
In general, any kind of action that includes a financial component is called as financial services, depending on the circumstances. To put it another way, financial services are the mobilization and distribution of money in their most general sense. As a consequence, it comprises all of the steps involved in the conversion of savings into capital.
Companies that fit under this category include banks, credit card companies, insurance companies, consumer financing companies, stock brokers, investment funds, and some government-sponsored organizations, amongst others. According to Financial Services International, below is the list of products and types of services provided by banks and financial institutions to customers in order to expedite the execution of various financial transactions and other connected processes.