Financial Institution

A financial institution is an organization that provides financial services to individuals and businesses. These services include accepting deposits, offering loans, facilitating payments, and managing investments. Common types of financial institutions include banks, credit unions, and insurance companies. They play a crucial role in the economy by enabling people to save money, access credit, and manage risks. By pooling resources and providing capital, financial institutions support economic growth and stability, making it easier for consumers and businesses to achieve their financial goals.