Our lives are closely connected to finances. Every day we spend, earn, exchange, and transfer money. Have you ever thought that in order to make any financial movement or use financial service, you always need the participation of an intermediary? An intermediary is a financial institution through which businesses and legal entities have the opportunity to perform financial activities. In this article, we will talk more about financial services, and explain who provides them. Moreover, we will recommend to you a trusted financial institution to open a bank business online account.
What Is a Financial Service?
Financial services are financial intermediation and credit services. That is, they are services in which money is an object and not a means. Essentially, these are banking services (private and bank business online accounts), foreign exchange trading, money market brokerage, participation in the issuance of securities, asset management, advisory, intermediary services, and other ancillary financial services.
Examples of organizations that provide financial services are national banks, investment banks, insurance and leasing companies, brokerage companies, e-money institutions, and many other companies. Bank business online account, private account, deposit account – all these services are part of the financing. Also, financial services include all insurance and insurance-related services.
Any Peculiarities?
Goods that can be bought with money are divided into commodities (something tangible that exists for a while, long or short) and services (an errand that someone performs for you). A financial service is not a commodity itself, it can most accurately be described as the process of getting a financial commodity. Put it simply, receiving money on your bank business online account is an example of such services.
Why Do I Need a Mediation?
Providers of the financial sector are essentially intermediary players. With the help of them within the financial market, it is possible to transfer money from savers to borrowers. Basically, it pairs those who are interested in reducing risk with those who are willing to take on additional risks to use money. Intermediation can be useful, for example, for people making retirement savings. The higher the return that future retirees receive on their investments, the less they need to save in order to reach their target inflation-adjusted retirement income. To get that return, you need to lend that money to someone willing to pay for its use (pay interest). Lending and collecting payments is a complex and risky activity, that is why it is safer to trust this process to mediators. Another example of the importance of financial mediation is running a business. There is no way you can handle it without a bank business online account, as for any transaction, for instance, in EUR or USD, you may need access to an IBAN account (internationally used). The bank business online account is a safe and convenient way to perform all the business activity and to open it we recommend the trusted financial institution in Europe – Genome.
Open a Genome Account to Get the Best Financial Service Possible!
More and more clients, when choosing a representative of financial services to open a business account, pay special attention to the quality, convenience, and functionality of remote banking services, in particular Internet banking. Reliability is also a top priority for entrepreneurs. Financial institutions, for their part, try to meet the requirements of demanding clients – they introduce new services, expand the functionality and lists of providers, and create the most convenient interface possible.
- Why you should not be nervous about opening a bank business online account in Genome?
Genome accounts are supervised by the National Bank of Lithuania and you can trust your finances and open a bank business online account there. It is one of the best e-money institutions in Europe and beyond. Genome provides IBAN accounts for business in various currencies (EUR, USD, GBP), so you may conduct your business worldwide. You have the opportunity to manage your account with your business partners, because in Genome up to 20 people can have access to the account (you set the importance of each player, opening and closing access). Money transfers do not take more than 2-3 business days, between Genome accounts they are instant! To know more, visit the Genome website.