Financial services are an important part of a nation’s economy. They help people save money, manage their finances and invest. They also provide a wide variety of banking and other services.

Banks, insurance companies and investment banks are all financial services firms that offer different products. They are regulated by independent agencies and work to uphold transparency and treat their clients fairly.

Credit unions, community banks and nonprofits are other forms of financial services. They may help people pay for college, rent a home or save for retirement.

These financial institutions offer a range of services and products, from checking accounts to insurance policies and stocks. They also make loans to individuals and businesses.

Commercial banking – This type of financial service works with small and midsize businesses, such as a merchant that deposits its daily profits in a checking account and gets loans to buy equipment or pay staff salaries.

Consumer finance – This kind of financial service provides products that make it easier for people to pay for goods and services, including credit cards and mortgages. It also helps people with their debts by offering lower interest rates and repayment plans.

Other types of financial services include structured finance, insurance, mergers and acquisitions, and investments management. These services are often complex and require sophisticated skills.

The financial services industry affects everyone in big and small ways. This is an exciting sector that allows you to help others and earn a good living. But it’s vital to understand what you are getting involved with and what career path is best for you.