The finance industry provides a wide range of economic services. These include credit unions, banks, and credit-card companies. They help people manage their money and plan their financial future. Financial services also help businesses provide the goods and services people need. In the United States, these businesses account for more than $1 trillion in annual sales.
Many of these services are regulated by government legislation. Debt resolution services, for example, help people who are underwater in credit card debt, negotiate with their creditors to improve their credit scores. Payment service providers, on the other hand, enable businesses to accept credit card payments and charge them a percentage of the amount. These financial services help individuals and businesses maximize their returns.
Financial services also help people make money and save it for later. Banks provide a safe place for people to deposit money and lend it out to others when they need it. Borrowers then pay back the money, with interest. Another form of financial services is insurance. These services provide financial advice to the public on how to invest their money and protect their interests.
Some of the biggest players in the financial services industry are American Express and Berkshire Hathaway. Both have long histories of financial innovation. American Express offers co-branded credit cards and travel services. Wells Fargo is one of the largest banks in the U.S., and is ranked among the top 100 largest companies in the world. Charles Schwab, the founder of discount brokerage firms, has also helped to revolutionize the field of financial services.