Business and Management

Financial Services Offered By Commercial Banks

Financial services refer to the financial services offered by the finance industry. This includes credit unions and banks, credit-card companies as well as insurance companies, financial services companies, accountancy companies, consumer finance companies, stockbrokers, investment funds, managers, and certain government-sponsored enterprises.

Commercial Bank

A commercial bank is also known as a bank. To distinguish it from an Investment Bank, the term commercial is used. This type of financial service entity helps companies raise money from other companies such as https://www.thinksme.sg/ in the form of bonds or equity.

                                                          

                                                                                                   Image source: Google                                                   

 Commercial banks primary operations include:

  • Keep your money safe and allow withdrawals as needed

  • Insuring checkbooks to pay bills and send other types of payments by post

  • Provide personal loans and business loans. These loans are typically used to buy a house, property, or business.

  • Billing and issuing credit cards, and processing credit card transactions

  • To be used as a replacement for cheques, issue debit cards

  • You can make financial transactions in branches, or with automated teller machines.

  • One of the most influential and important sectors in the economy is financial services.

  • Financial services encompass a wide range of activities, including investing, banking and insurance.

  • Financial services refer to only the activities of financial service firms and their professional staff, while financial products are actual goods, accounts, or investments they provide