Types of Financial Services

Financial services

The finance industry provides a wide range of economic services. These include banks, credit-card companies, and credit unions. The finance industry also includes many different types of insurance companies. The services that are provided are very diverse, so it’s important to understand the differences between them. Read on to learn more. Listed below are some of the different types of financial services.


Insurance is a vital part of financial services, which protects people and assets from loss or damage. Some of the common types of insurance policies include life insurance, health insurance, and property insurance. Another type of insurance involves reinsurance, which protects insurers from catastrophic losses.

Investment banks

Investment banks are companies that provide financial services, including trading and market making. They also provide advice to institutions. These institutions include mutual funds, life insurance companies, unit trusts, and private equity funds.

Commercial banks

Commercial banks are one of the oldest types of financial service providers. They provide loans and deposits to individuals and businesses and pay interest to their depositors. They also facilitate international payments and offer financial advice.

Real estate brokers

Real estate agents often focus on developing their businesses and neglect their personal finances. However, a solid financial plan is key to a quality lifestyle. A financial advisor can help real estate agents establish an effective financial plan.

Mortgage lenders

Mortgage lenders play a critical role in the home-buying process. Because few people can afford to purchase their home in cash, mortgage lenders help them to spread payments over a longer period of time, allowing them to live in their home while working toward full ownership. There are several types of mortgage lenders, and it can be useful to know the differences between them before choosing one.

Securities traders

As a member of the Securities Traders Association of New York (STANY), you are a part of a community that is committed to educating and empowering traders in the financial services industry. Through STANY, you can meet other members, share ideas, and work with top industry leaders. You can also benefit from STANY’s mission to support high standards of professional conduct in the trading division. STANY advocates on behalf of securities traders in the financial services industry and in the public arena.

Online lending marketplaces

In the past decade, online lending marketplaces have grown substantially, offering borrowers easier access to capital and faster loan processing. Today, they have become sophisticated networks that partner with banks and institutional investors and perform direct lending and securitization transactions.