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Word Count: 702
What is meant by financial servicesFinancial services in todays society has become more than what a high street bank can offer you from behind a counter It has become a diverse functional area within any economically adequate society Throughout this essay I have tried to grasp the main concepts concerning Financial Services and condense them into an essay of relatively minor proportions in comparison to the subject matter I hope I can give you the reader an insight into the world of financial services in all its diversitySo what is meant by financial services To be honest there is no straightforward definition such is the spread of financial services across the business spectrum We can however dam different organisation under the heading of financial services to give you an idea of what financial service intails Financial service is understood to include banking insurance building societies stock brooking and investment services These are the 5 main areas described by Brian Anderton in his 1995 book current issues in financial services Brian also found it difficult to pinpoint a definitive meaning and found it easier to list organisation associatedGoing in to detail when concerning the institution aids in creating a further understanding of financial services yourself Of the main financial institutions banks are the most common Banks can be either commercial or merchant Dealing with retail and investment respectively Commercial banks are easily found on the high street and rely on deposits from ordinary people There is very little interest paid to their savings accounts however savers can borrow sums of money from the banks from which the banks make profit from interest on the loan Merchant banking is slightly more complicated when dealing with finances and in my opinion is more exciting Merchant banks arrange finance deals and charge for this service This investing is slightly risky and less straightforward However the profit rewards outweigh the timescale and effort needed to investInvestment institutions such as pensions
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