Financial Services Guide 101

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Financial services are an indispensable aspect of modern life. Nearly everyone uses financial services in some capacity, from basic banking to investment and guidance. Financial services will become more widespread in the coming years as fintech and Big Data continue to expand and evolve. 

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The financial services sector is the driving power of a country’s economy. The stronger it is, the more developed a country will be. In addition, the scope of financial services extends to excellent employment opportunities with great pay scales. 

This blog will give detailed answers on what are financial services, how to use them, and recommendations for money management.

What are financial services?

Financial services encompass a wide spectrum of business operations catering to the financial needs of organisations, governments and individuals. Every institution catering to our financial needs falls under this sector, from commercial and non-commercial banks and credit unions to stock brokerages, insurance companies and asset managers. 

With the emergence of financial technology, the financial services sector has received increased attention in recent years. It has enhanced, simplified, digitised, and altered traditional financial services.

How are financial services used?

The service in question will determine the manner in which you use financial services. Here are some of the most prevalent methods of receiving financial services:

Banking: It is the most used service across the financial sector. The most common use of banking services is opening a savings or checking account to manage and save money effectively. Apart from this, other financial services provided by most banks and credit unions include loans and credit cards.

Insurance: Purchasing insurance to safeguard your wealth, health, and assets is another example of financial services. The different types of insurance available include property, health, car, and life insurance. These products protect individuals and businesses from unforeseen circumstances like accidents, illness, injury, natural disasters and theft.

Investment: Investing in stocks, mutual funds, bonds and other assets to earn a profitable return is a prime example of availing financial services. Brokerages, investment firms, and banks design these products to help businesses and individuals achieve long-term financial goals and grow their wealth.

Financial Planning: The scope of financial services is not limited to the products mentioned above. It extends to financial planning, which involves creating a roadmap to achieve financial goals. Financial planners help clients create a budget, plan for retirement and manage investments based on a client’s income, expenses, debts and other financial factors.

Choosing a financial provider

Given the many options available, selecting a financial service provider can be overwhelming. Here are some aspects to keep in mind while selecting a provider:

  • Reputation Search for a reputable service provider in the chosen industry. Check their online reviews to know what customers say about their services.
  • Experience Choose an experienced service provider with long-standing practice and knowledge in the sector. For instance, if you require insurance advice, look for an agent with a background in insurance. 
  • Fees Once you select your service provider, check their fee structure and understand how it is computed. Ensure the charged fees are affordable, transparent and in sync with market prices.
  • Services offered Check whether the company offers the services you require. 
  • Compatibility Communication and trust are key to a successful relationship. Make sure you feel comfortable with your service provider and that they understand your objectives well.

Tips for effective money management

  • Make a budget: Create a budget that lists your revenue and expenditures. This will help you remain apprised of your finances and prevent overspending.
  • Save for emergencies: Reserve a part of your earnings in a contingency fund. This will assist you with unanticipated expenses such as medical bills or thefts.
  • Pay off debt: Make it a priority to pay your debts off as soon as possible. Credit card debt, in particular, can be extremely troublesome and should be paid off first.
  • Invest for the future: Put your money into stocks, bonds, or other assets to help expand and maintain your wealth over time.


Financial services are an indispensable component of modern life, and understanding how to use them efficiently is critical. Numerous alternatives are available when it comes to opening a bank account, purchasing insurance, or investing money. The comprehensive guide will help you manage your money and achieve your financial objectives.

If you wish to explore the career scope of financial services, consider enrolling in a credible course. Imarticus’s Advanced Management Programme in Financial Services and Capital Markets collated with IIM Lucknow, is a good option. This intensive 11-month programme focuses on money markets, corporate finance and accounting, investment banking, fintech and risk management. Reignite your careers with this course today!

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