Question

Define finiancial institution​

Answer 1

Financial institutions, otherwise known as banking institutions, are corporations that provide services as intermediaries of financial markets. Broadly speaking, there are three major types of financial institutions:[1][2]

Depository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies;

Contractual institutions – insurance companies and pension funds

Investment institutions – investment banks, underwriters, brokerage firms

Answer 2

A financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange.