Marking the backbone of any economy, the financial services industry has the most significant influence on the other sectors as well. From banks to financial companies, several entities are involved in this highly critical and volatile industry. The acquisition of financial goods by consumers or businesses comes under the category of financial services. These goods could be loans, stocks, real estate, etc. and the transactions occur via fund transfers. Businesses in financial services manage the movement of funds and enhance the process through which transactions occur.
Types of Financial Services
Throwing some light on the types of financial services, let’s understand how varied this industry is:
- One of the most common forms of financial services is banking. We find the banking sector mainly involved in direct saving or money-lending services. Within the banking services, we often find commercial and investment banking options.
Commercial banking primarily has the purpose of saving money in their accounts and lending directly to businesses or consumers. They make withdrawal and fund transfer possible via offline as well as internet-banking options. Investment banking, on the other hand, is inclined towards debt and equity for public and private sector entities. The investment bank advisors work with companies to assist them in mergers and acquisitions.
- Foreign exchange services are another type of financial services that carry out currency exchange, wire transfer, and remittance-related services. Relationships with brokers help clients access financial services concerning foreign currency deals.
- Managing strategic relationships with agents is a part of another type of financial services – investment services. Wealth management firms assist clients in the process of investment in various funds and manage their portfolios, thus achieving their investment goals.
- The insurance brokers occupy insurance services under financial services on behalf of customers. You use these services to protect the customer under unforeseen circumstances and help them avail financial benefits in times of crisis.
- Tax and accounting services mark another sector in the financial industry wherein customer relationships are again meaningful. Accountants manage several records of sensitive data and analyze and compile loads of information over time. For them, IT for finance has been a boon as software solutions help them in handling financial tasks, customers, and deals.
The arena of financial services also comprises other services like treasury/debt instruments, capital restructuring, financial exports, etc. which come under the umbrella mentioned above of services themselves.
Your Own CRM For Finance
Financial services are a growing client-centered approach with every passing day. These evolving needs require software solutions that can run the business without a glitch. That is why Crust develops seamless experiences for companies and stakeholders to relish the benefits.
When a financial services CRM is considered, even more than the growth of customer base, ‘secure’ growth of customer base and customer relationships is paramount.