Financial Service and Providers

Individuals and businesses both have their needs and financial services and providers are there to both cater for these needs.
Individuals who are the personal customers form the largest group of customers for the financial institutions for the high street banks, building societies, independent financial consultants and insurance companies. These customers also have their needs such as:
Social needs
When individuals open an account they are expecting a variety of products and services that they can gain access to. Not only they are expecting access to their money in their account but they are also expecting benefits within their accounts that will make their use of finance in their daily life to become easier. For example most people now a day would not like to carry large amounts of money or want to have to go to their branch to withdraw money, most people are now looking for flexibility in which most financial services and providers provide depending on the needs of the customer. Most financial providers now also offer all kinds of services, which makes it easier for the customer as they wouldn’t have to go to different organisations. Having flexibility saves customers the hassle that they may face in their daily life concerning money, for example ATMs enables people to now take money out in most places such as shops, hotels, restaurants, etc... This flexibility also enables them to have access in their account in other countries, meaning that they wouldn’t have to withdraw cash before they leave the country.
Physical needs
As well as   financial providers providing us with social needs they also provide us with physical needs that various people will at some point require in their lifetime, whether its a mortgage , insurance etc.....therefore they will require range of services and the financial providers will come up with financial plans as well as offering a range of services that will suit their customer, if this plan was not well suited it could cause...