The financial services industry includes many different types of companies, and each one provides a unique service to consumers. They include banks, brokers, mortgage lenders and more.

Banks – Act as the middlemen between depositors (who provide funds) and borrowers (who need money). They collect deposits from their customers, pool them, and then lend them to borrowers who need money. They earn their revenue primarily on the spread between interest rates charged for credit accounts and the interest paid to depositors.

Brokerage firms – Buy and sell securities such as stocks, bonds and mutual funds on behalf of their clients. They also do research on the market and can offer financial advice to their clients.

Insurance – Protects against unexpected losses and provides a safety net. It can include health, auto and home insurance.

Other services – They offer investment management, currency exchange and other banking services for high net worth individuals.

The financial services sector is a large industry with an increasing global footprint, providing the infrastructure for businesses and governments to conduct their day-to-day operations. Throughout the world, this industry has shown remarkable resilience in dealing with unprecedented levels of uncertainty over the last two years.

The financial services sector is one of the largest drivers of economic growth, and its presence promotes production, investment and savings in a country. In addition, it enables producers to obtain credit facilities at reasonable rates. This creates a win-win situation where producers are able to maximize their profits, and customers receive the products they want at a price they can afford.