Financial service being a part of the financial system helps in providing different types of finance. This service is provided by financial or credit instruments. The cheques, bills, promissory notes, debt instruments, letters of credit, etc come under financial or credit instruments. Different types of mutual funds come under financial products. These extend various types of investment opportunities for us. These are done by credit cards or debit cards in banking etc. This is how financial services enable the users to obtain assets on a credit facility, as per the person’s convenience at a reasonable interest rate.

What is Financial service sector?

The financial service sectors offer financial services to people and corporations. This huge segment of a country’s economy is made up of various financial firms. The banks, investment houses, lenders, finance companies, real estate brokers, and insurance companies are included in this. As mentioned the financial services industry may be considered as the most important sector of the economy that leads the world earnings. It also includes various smaller companies. of banks, brokers, and mortgage lenders provide different services as part of this financial services sector. The insurance companies, securities traders, investors, financial advisors, Wall Street, and more are also included.

Significance of Financial service

Financial service is the presence of services enabling a country to improve its economic condition. As a result, there is more production in all the sectors that leads to economic growth.

Benefits of Financial service sectors

The benefit of such economic growth is directly reflected in the people as economic prosperity where the individuals enjoy a higher standard of living. So we can tell that the financial services enable an individual to obtain various consumer products through a process called hire purchase. In the process, many financial institutions also earn handsome profits. The presence of these kinds of financial institutions helps to promote investment, production and saving, etc. Here are the salient significance of the financial service is listed down-

• Vibrant Capital Markets
• Expands the activities of the financial markets
• Benefits of the Government
• Economic Development
• Economic Growth
• Ensures higher Yield
• Maximizes the Returns
• Minimizes the Risks
• Promotes the Savings
• Promotes the Investments
• Balances the Regional Development
• Promotes the Domestic & Foreign Trade

Services of finance offered by the financial institutions

• Factoring
• Leasing
• Forfaiting
• Hire Purchase Finance
• Credit card facility
• Merchant banking facility
• Book Building facility
• Asset Liability Management
• Housing Finance
• Portfolio Finance
• Underwriting
• Credit rating facility
• Interest & Credit Swap
• Mutual Fund

Top strategies of the financial services

Developing the marketing strategies for financial services needs the considering of some elements listed below-

• Having the Organization's goals & objectives
• Targeting the markets
• Focusing on the new & emerging markets
• Knowing the organization's strengths & weaknesses
• Finding the available resources

The strategies of the financial services that works are mentioned below-

• Turning the website into a 24/7 sales representative
• Being noticed by the search engines
• Investing in the local SEO
• Building out the content portfolio
• Having to include video marketing campaigns
• Increasing the leads with proper email marketing
• Putting some money behind it with PPC
• Continuously generating the reviews
• Projecting the authority
• Utilizing social media
• Offering self-services and digitization
• Utilizing the automation and bigdata

Additional resources

• Terms of Financial Technology
• Uses and Applications of Financial services
• Block chain
• FinTech at a glance