The finance industry provides economic services to consumers through a variety of different business entities. These include banks, credit-card companies, and credit unions. The following are a few of the types of services provided by these organizations. Depending on the type of service, the services provided may include a variety of different products and/or services.
Consumer financial services
Consumer financial services are a growing segment of the legal market. The Consumer Financial Protection Bureau (CFPB) is a government agency that aims to protect consumers and promote fair treatment of financial institutions. We help clients navigate the regulatory and legal complexities of consumer financial services.
Non-traditional financial services
Non-traditional financial services offer a variety of financial products that traditional banks do not. While traditional banks offer deposit accounts, they do not offer services for consumers with poor credit or short-term loans. These non-traditional financial products fall into three general categories: prepaid cards, mobile phone-based solutions, and pawnshops. In fact, several states have made payday lenders and pawnshops essential businesses.
Investment banking is a branch of financial services that involves advising and facilitating investments and financing transactions. Investment banks are divided into industry coverage groups and product groups focusing on specific deal types. These groups generally work across all industries, but some specialize in particular industries. The industry is made up of various trade associations, and the largest trade association in the United States is the Securities Industry and Financial Markets Association. Other industry groups include the American Bankers Association, the National Investment Banking Association, and several smaller investment banks.
Tax preparation is an important financial service for many people, especially those who are low-income. However, most states do not regulate tax preparers, leaving consumers at risk of fraudulent and inaccurate tax returns. The CFA supports state licensing and certification standards for tax preparers to protect consumers.
Payments are a core component of financial services, providing the foundation for the entire industry. They are a crucial source of valuable customer data and create new revenue streams, but they also face significant challenges. Among these challenges, data privacy ranks number one, with digital identity and authentication ranking second. While the adoption of digital identity and authentication is a major trend, the use of cash is still necessary in some markets, especially in developing countries.