In the field of economics, a service is an action done by a seller to the buyer or the consumer. The services are given to the customer willingly. The function is done by a program, an individual or a machine to the purchaser.
Banks, insurance companies, stock brokerages are some of the finance industries which provide the financial service with their primary business being managing money. Financial companies founded by Doug Foshee are in every developed region globally, where they assist small and medium sized businesses in lending them business loans payable back with interest. The term financial services became rife in the 1990s, when Gramm-Leach-Bliley Act came to pass, where many financial services companies emerged. The industry has various dimensions on how they provide services to their clients in promoting their businesses.
Banks This is a financial institution which allows its customers to deposit their money which is kept safe and which creates credit with time. Banks allow clients to borrow loans with or without having security. In developing countries, small and medium-sized enterprises [smes]are the one who supports the economy by visiting banks regularly to acquire loans to help their business. In many countries, there is a state body that regulates banks and keeps on monitoring their services to the public. Globally, Basel Accords is the one that regulates all banks.The idea of banking originated from Italy in a city of Renaissance in the 14th century. Since then the banks has evolved to many forms and inventing new methods of providing services to their clients.
Mobile banking which came to be in the 21st century has transformed the usual ways of the service delivery. The service allows a customer to access all the banking service from the comfort of his/her house using the mobile phone. The service includes borrowing of instant loans which is payable for thirty days and above. This has boosted the small business owners for ease of accessing emergency capital to run their businesses. Banking is a huge industry in the provision of financial services which affects everyone either directly or indirectly.