From time immemorial, the phrase "financial services” has been commonly used especially concerning money issues. For better understanding of its meaning, it is important therefore to first understand what finance is. Finance relates to raising of money through issuance and sale of debt or equity. It is a branch of economics whose main goals relate to allocation of resources, management of resources, how the resources are acquired and investments. In general, finance implies interacting with matters that deal with money and the markets. The concept of finance considers time, money and risk and how they relate or interrelate.
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises. As of 2004, the financial services industry represented 20% of the market capitalization of the S&P 500 in the United States.
A service is an equivalent of an economic good that is intangible. The person or firm offering the service boosts the ability, resources skills and or experience to offer a balanced satisfaction of client need while at the same time remaining relevant and functional in an economy. Financial services therefore are those services that are offered by the institutions, which deal with the management of money and other factors that relate to the flow of money in an economy. To clarify on this, a service and the financial service provider possess various characteristics that make the service distinct. For instance, the concept of intangibility also referred to as insubstantiality, perishability as regards to time and reversal of a service, inseparability, simultaneity and variability which refers to the distinctiveness or uniqueness of a given financial service.

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