The financial services sector provides financial services to people and corporations. This segment of the economy is made up of a variety of financial firms including banks, investment houses, lenders, finance companies, real estate brokers, and insurance companies. A payment system provider offers a financial service when it accepts and transfers funds between payers and recipients. This includes accounts settled through credit and debit cards, checks, and electronic funds transfers.

Importance of Financial Services:

• Banking Services-Banking services are provided by large commercial banks, community banks, credit unions, and other entities.
• Investment Services -Individuals may access financial markets like stocks and bonds through investment services.
• Insurance Services-This is also the realm of the underwriter, who assesses the risk of insuring clients and also advises investment bankers on loan risk.
• Tax and Accounting Services-This includes accountants and tax filing services, currency exchange and wire transfer services, and credit card machine services and networks.