A Look At The Different Finance Industries Across The Globe

The finance industry covers many different types of companies and institutions offering different services. All over the world, you can find a specific finance service for what you need and being aware of what’s out there is always worth keeping up to date with. Here, we take a look at some of the different types of services available.

Banking & Online Lending

Covering traditional lenders and modern fintech companies, banks and online lenders provide what most people view as everyday finance. From your bank account to savings, loans and credit cards, most people will have at least one type of banking product, if not multiple throughout their lives. The last decade has seen the rise of fintech companies innovating the industry, meaning more choice for consumers. From online-only banks to short term specialists able to help provide quick finance. Whether you’re looking for a low-cost credit card, a high-interest savings account or payday loans in Australia, Europe or throughout the rest of the world, banks and online lenders have innovated to provide effortlessly, speedy access to money when you need it.

Wealth Management

Helping people to save money by helping it grow through investments, wealth management is a service that is particularly useful to those with a higher than average income or savings. Many high-net-worth individuals will seek wealth management services to help structure their finances and in essence, manage them. The service will also help to plan ahead on how to assist an individual with growing their wealth as well as protecting and preserving it. It will also include assistance on tax planning, estate planning and more as a full service to help those with higher than average assets that are difficult to manage alone.

Insurance

Another service that most people will have products within is insurance, from protecting their home or vehicle to their business, possessions, or health. The insurance sector has some of the biggest finance companies working within it such as Aviva, AXA, and London Victoria to name a few, with many banks also offering insurance products. Providing risk management for individuals or businesses, insurance companies are a vital part of the finance industry with each offering different services depending on what an individual needs. An almost endless list of insurance products are available to choose from, but most people will be familiar with medical insurance, car, technology, or house insurance to help provide financial assistance when needed.

Credit Unions

A credit union is similar to a traditional bank, but the main difference is that it’s controlled by its members and operates as a not-for-profit business. Individuals can find lending products and financial assistance when they need it through a credit union, however, it is a member-only option. There are millions of credit unions worldwide, but their size will vary and can be a small, volunteer-led operation to a large outfit composing thousands of members. They offer loans, savings accounts, credit cards and online access to your money in the same way other lenders do, but focus more on the member experience than traditional lenders due to their non-profit status. The levels of borrowing may not be as high as you may get with a larger corporation, so things like large business loans etc. can be more difficult to access through a credit union. With a variety of services available throughout the finance industry, this list is just a snapshot of the different sectors available to individuals and businesses across the world. Whatever service you require, you’ll find a business to match that can help you achieve your financial goals as well as grow, manage and protect them.

TIME BUSINESS NEWS

TBN Editor

Time Business News Editor Team