how the finance market is effected

How financial institutions impact the economy

David Vaughn

Fin/571

6/9/2020

MOHAMMAD SHARIFZADEH

How financial institutions impact the economy

            The first financial institution I chose was western Union (a branch Of the credit union).Western Union is a business Lender and with me being more familiar with the term “wire” money I think back to when I would see dozens of commercials about how people would send money to a friend or relative.

            Nowadays Western Union is known as an International monies service that sends payments through their operations, briefly put. This generations version of Western Union is said to service; small to medium businesses, fortune 500 companies, Financial institutions, Educational institutions, and Non profit organizations. They do this by providing a quick and reliable way to send money business to business on a international scale. (about us Western union, 2020)

U.S. Banks

            U.S. Bank is the second bank that I chose. U.S Bank was started in 1863 when the first national bank of Cincinnati opened for business. U.S. Bank really did not get its name until the turn of the 21^st century according to (About U.S. Bank , 2020). U.S Bank now operates as: consumer & business banking they also have core competencies in corporate and commercial banking. These core competencies include payment services, wealth management, and investment services. (About U.S. Bank , 2020)

Money Mart

The next financial institution that I am discussing is Money Mart.This selection gives an example of how Lenders may transfer money through time. Money Mart as a lender can provide a simple three step process as a money lending solution: step (1) Use the slider to find a location in your state and select the amount of money, step (2) Use thestore locator to find a location and apply online, in select states get a direct deposit. Step (3) apply for a loan and if accepted get your money sent fast.

            Money Mart also provides cash advances, personal loans, check cashing and prepaid debit cards as a part of it’s business. (Home page money mart, 2020)

Fifth Third Bank Fifth Third bank has a lot of different opportunities as a financial institution, they offer services in; personal, business, commercial, and wealth management. Of these criteria they can be broken down into sub-list that can help specify the exact area of which their expertise can be applied. These sub[DV1] [DV2] -list are within personal services that can include a personal program, checking, mortgages and, credit cards. Business functions can be managed by, banking, credit cards, lending and, cash management. The other services vary in terms with the wealth management that can offer terms on how to apply wealth and study the market. To services on how to plan your estate. (sub-headings Fifth Third Bank, 2020)

Conclusion

            Through the different services, we can see that the impact on the financial market can vary from person to person. In not just how these services are used but in how these terms can help a company accomplish a task. An example is when one company or person may need to borrow money, the difference can be the location, Money mart or fifth third bank. This is when things like interest rates and types of loans are what matter. Another example is if I as a customer needed immediate cash (western union) or feel that a credit card will benefit my needs. A greater concern would be if this is what effects the market? How could the market operate any different if these services did not exist? The necessity of loans.  

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