A financial institution (FI) is a company engaged in the business of dealing with monetary transactions, such as deposits, loans, investments and currency exchange.
Financial institutions encompass a broad range of business operations within :
- The financial services sector.
- Including Banks.
- Trust companies.
- Insurance companies.
- Brokerage firms or Investment dealers.
Virtually everyone living in a developed economy has an ongoing or at least periodic need for the services of financial institutions.