What are the three main services offered by banks?
Commercial financial institutions provide a comprehensive suite of foundational services categorized into three primary pillars that support individual and corporate economic activity. The first core service is deposit administration, which encompasses managing everyday checking accounts, interest-bearing savings products, and secure certificate of deposit accounts for public liquidity safekeeping. The second core service is credit and lending intermediation, providing residential mortgages, commercial business loans, and consumer credit facilities that stimulate capital investment and consumer spending. The third core service is payment processing and fund transfer infrastructure, including automated clearing house networks, wire transfers, foreign exchange services, and merchant credit card processing solutions.
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