Financial Institutions Definition
A financial institution is an organization that provides financial services for its clients or members. Financial institutions can be banks, credit unions, insurance companies, investment firms, and more. They offer a variety of products and services, such as savings accounts, loans, and investment opportunities.
Financial institutions are regulated by government agencies to ensure that they operate fairly and safely. This regulation protects consumers from fraudulent or abusive practices. Financial institutions must follow laws and regulations governing their operations. These laws and regulations vary depending on the type of institution and the country in which it operates.
