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What is Financial Services?

Financial

The term financial services means mobilisation and allocation of savings. Thus, it includes all activities involved in the transformation of savings into investment. Financial services refer to services provided by the finance industry. The finance industry consists of a broad range of organisations that deal with the management of money. These organisations include banks, credit card companies, insurance companies, consumer finance companies, stock brokers, investment funds and some government sponsored enterprises.

Financial services may be defined as the products and services offered by financial institutions for the facilitation of various financial transactions and other related activities.

Objectives of Financial Services.
1.Fund Raising :
The required funds can be raised by the help of financial services from the host of investors, individuals, institutions and corporate. There are various instruments of finance being used for raising funds. These kinds of funds are required by the corporate houses, individuals, etc.
2. Funds Deployment :
There are various kinds of financial services present in the financial markets which help the company in proper deployment of funds. It also helps in decision-making of financial mix. The financial service provide various types of services like bill discounting, factoring of debtors, shifting of short-term funds in the money market, credit rating, e-commerce and securitisation of debts for effective funds management.
3.Economic Growth :
The financial services help in increasing the economic growth and development of country. It is done by the help of mobilizing the saving of the public by investing in productive investments. Due to this reason, the various developed and developing countries which are engaged in the effective financial market has increased the savings and investments.
3.Regulation :
There are various kinds of regulatory bodies present in India like Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and the Department of Banking and Insurance of the Government of India which have different types of legislation's and also help in providing various kinds of functions of financial services institutions.
Scope of Financial Services.
  • Gross Domestic Product (GDP)
  • Employment
  • Insurance
  • Long-Term Loan
  • Mobilizing of Funds

    • Benefits Of Financial Services.

  • Economic Growth and Development:The financial service is very important for economic growth and development. The banking, saving and investment, insurance and debt and equity provides help both to the private citizens and business.
  • Contribution in GDP :The financial service sector has the largest earning which consists of various type of business like merchant banks, credit card companies, stock brokerages and insurance companies. It is largest in the world. The financial services contribute a larger part of GDP.
  • Promotion of Liquidity : The basic feature of the financial service is to use the money and monetary assets for producing the goods and services so for this process there the requirement of regular flow of money. The money and monetary assets are referred to as the liquidity in finance. While liquidity can also be known as the money and other assets which can be changed into cash and reduce the risk of loss.
  • Generate Employment : The financial service also helps in generating employment in the country as it is in the growth stage. It is helpful for the developing country like India. It also helps in expanding the financial market. It helps in increasing the FDI flow in the country which is required for the growth of the country.
  • Reduce Cost of Transaction and Borrowing : The financial services has helped in making such financial structure which has the lower cost of transactions. It has increased the profit on the return to the savers and it also lowers the cost of borrowing which increases the rate of saving among the people. The financial services also help in providing the cheap and long-term loans to different industries.
  • Minimizes Situations of Asymmetric Information : The various financial services like insurance, pension and portfolio adjustment helps in providing the financial protection and reducing the conditions in which the information is not regular and may also affects the performance of the operators or when one party has the details while the other does not have.
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    Account Holder: Form E Services
    Account Number: 50200058593908
    IFSC: HDFC0000101
    Branch: Yagnik Road - Rajkot - Gujarat
    Account Type: Current
    Virtual Payment Address:9825444036@hdfcbank

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