Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.
Why Financial Services industry is important
The financial services sector is the primary driver of a nation's economy. It provides the free flow of capital and liquidity in the marketplace. When the sector is strong, the economy grows, and companies in this industry are better able to manage risk.
The strength of the financial services sector is also important to the prosperity of a country's population. When the sector and economy are strong, consumers generally earn more. This boosts their confidence and purchasing power. When they need access to credit for large purchases, they turn to the financial services sector to borrow.
A strong financial services sector can lead to economic growth, while a failing system can drag down a nation's economy.
If the financial services sector fails, though, it can drag a country's economy down. This can lead to a recession. When the financial system starts to break down, the economy starts to suffer. Capital begins to dry up as lenders tighten the reins on lending. Unemployment rises, and wages may even drop, leading consumers to stop spending. In order to compensate, central banks lower interest rates to try to boost economic growth. This is primarily what happened during the financial crisis that led to the Great Recession.
Key Important Factors:
• financial services make up one of the economy's most important and influential sectors.
• Financial services is a broad range of more specific activities such as banking, investing, and insurance.
• Financial services are limited to the activity of financial services firms and their professionals, while financial products are the actual goods, accounts, or investments they provide.
Why DAX?
• Bookkeeping
• Financial Advisory
• Annual Accounts
• TAX
• Payroll
• Management Accounts
• Project status reports
• VAT Support
• Project Cash flow management and budgeting
• Revenue recognition and Advances handling and retention money handling
• Project inventory handling
• Project Cost and benefit analysis
• Business strategies
• Workflows preparation and management
• Policies and procedures management
• Corporate Governance and Internal Controls
• Business Finances
• Banking Financing Assistance
• Estate planning
• Industry and market Analysis
• Business valuations
• Merger and Acquisitions
• Wealth management
• Financial Consultancy
• Internal Auditing
• Virtual CFO services