Types of Financial Services: Guide to Financial Services

In this article, we’re going to be breaking down the different types of financial services that are available around the world.

This article is part of our series on banking basics, ranging from opening different types of bank accounts around the world to understanding how various aspects of the banking system operate.

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

  1. Types of Financial Services
  2. Examples of Financial Services
  3. Frequently Asked Questions
  4. Do You Want Help Opening Bank Accounts?

Types of Financial Services

The types of financial services offered by financial institutions include banking services, investment services, and insurance services. Within each of these categories, there are additional layers of complexity and specific segments.Β 

For example, within investment services, you can find wealth management, asset management, retirement planning, financial advisory, tax planning, estate planning, and even stock trading.

On the other hand, in banking services, you can find loan services, credit services, mortgage services, and basic bank accounts.

In other words, there are many types of financial services. However, generally speaking they all have a few common traits. With this in mind, let’s take a look at a common definition of what is a financial service.

What Is a Financial Service?

Financial service refers to services offered by licensed financial institutions, including banks, credit unions, building societies, insurance companies, and investment firms.

Generally speaking, financial services are designed to support the financial requirements of individuals and businesses, to help them achieve their financial goals.

As mentioned above, the main categories of financial services include banking services, investment services, and insurance services. However, there are many sub-segments in each of these three categories.

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Examples of Financial Services

There are many examples of financial services offered by financial institutions around the world. Of course, not all financial services are even offered by all financial institutions. And, in many instances, certain financial services are unavailable in certain jurisdictions.

Not surprisingly, before choosing a country or bank to open accounts with, it’s important to first confirm that the specific financial services you desire are available. This is especially true if you are looking for cross border financial services, which can face greater restrictions.

With this in mind, let’s take a look at different examples of financial services that you can access in different parts of the world.

  • Banking services
  • Investment services
  • Insurance services
  • Financial planning services
  • Wealth management services
  • Tax and estate planning services
  • Mortgage services
  • Tax related services
  • Risk management services
  • Accounting and auditing services

Frequently Asked Questions

Below are a few of the most common questions we receive from people looking into the types of financial services. If you have further questions you would like to ask our team, don’t hesitate to get in touch.

What Are the 4 Types of Financial Services?

The four types of financial services include banking services, investment services, and insurance services. A fourth category of financial services is commonly defined as financial planning services. However this category is also referred to as a sub-segment of the investment services category of financial services.

What Is the Role of Banks In Providing Financial Services In India?

The role of banks in providing financial services in India include expanding access to capital, supporting economic growth, enabling consumer payments, helping both businesses and individuals better manage their financial risks, and more.

That said, unlike other parts of the world, financial services in India are more prominently supported by unofficial financial institutions as well, including an informal sector that exists outside of the regulatory framework through unregistered moneylenders, informal savings groups, and local associations.

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