Financial services are an indispensable part of both micro and macroeconomics. They are solutions provided by financial institutions to help individuals and organizations efficiently manage their money. To achieve this, they offer various alternatives that allow users to meet their financial needs and goals, such as accounts, credit cards, loans, and insurance, among many others.
Discover what the basic financial services are that can help you manage your funds, protect them, and make them grow.
What are the basic financial services? There are various types of financial services, but the basic ones are essential for cash management and personal and business finances. Within this category, the following are included:
- Accounts: Accounts allow you to deposit and manage money securely and conveniently through financial institutions such as banks or fintech companies. They can be savings accounts for keeping funds or checking accounts for daily transactions. In this regard, Argentina stands out among Latin American countries for its high financial inclusion, with 99.3% of the adult population having and using at least one account in their name.
- Debit and Credit Cards: Another popular financial service is debit and credit cards. These payment methods provide the opportunity to make payments without the need for cash. Debit cards are linked to your bank account and use its funds, while credit cards allow you to spend borrowed money and pay it back in installments.
- Loans: Loans are financial services that are useful for both individuals and organizations, as they allow you to borrow large amounts of capital. This provides access to substantial sums of money, which are then repaid in several installments, typically on a monthly basis, with fixed or pre-agreed interest rates.
- Insurance: These types of basic financial services protect individuals, organizations, and assets against risks or losses. They are a way to cover expenses during adverse situations. Common insurance services include health, life, automobile, and home insurance, among many others.
- Investment Services: Another type of basic financial service is investment services. These allow individuals and businesses to use their money in instruments that generate returns. This includes activities such as buying and selling stocks, bonds, or mutual funds. In these cases, financial institutions provide advisory services for efficient investment management.
At People First, we offer various types of loans tailored to your needs.
In this video, Robert Ferra explains the financial services that we can provide at People First.
