Financial services are economic services provided by the finance industry which encompasses a large number of businesses like banks, credit unions, credit-card companies, insurance firms, investment houses, and many other credit and lending agencies. These services are the backbone of the economy as they provide the capital needed for other sectors to grow and prosper.

Accounting professionals are part of the financial services industry, as they help small businesses keep proper accounting records that are necessary to pay taxes accurately. This helps the businesses avoid fines and penalties from the IRS. Insurance is another important service that the industry provides; it protects individuals against loss or damage of their property (e.g., car and home insurance) or against liability from lawsuits.

There are different types of financial services, and each one offers a unique set of benefits to consumers. Banking services, for example, offer a wide variety of products and services such as checking accounts, savings accounts, money market accounts, mortgages, and other loans. Other services include payment recovery, which helps recover erroneous payments made by businesses to vendors. Another type of financial service is the debt resolution service, which helps individuals who have accumulated too much debt to file for bankruptcy.

There are also more specialized areas of the financial services industry, including private equity funds and venture capital providers, which supply investment capital to businesses in return for ownership stakes or profit participation. Another area is structured finance, which develops intricate (typically derivative) products for high net worth individuals and institutions that have more complicated investment needs. Finally, there is the family office, which manages the assets of a wealthy family or group of individuals.