“Finance Domain” term is generally used to refer to the skills and jobs that fall under finance industry or financial services. It is used as a collective term to refer to a broad range of economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Professionals working on information technology projects started referring to people having understanding of financial services and financial concepts as belonging to “Finance Domain”.
As the prominent industries that fall under financial services are being discusses separately under Domain Knowledge, here you will find a brief discussion about the process areas (finance domain areas) that fall under finance.
There is a potential source of confusion regarding what we refer to with the term Finance Domain. On the one hand, there is a function called finance that is common to all business enterprises, in every industry and on the other hand we have financial institutions. An attempt to bring clarity to the usage of the term.
If you are running a business, managing an IT project, designing or improvising any business process, it’s very much likely that you will have to deal with financial concepts and financial lingo. Modern processes are integrating every aspect of the business from in receiving, warehousing, inventory control, production, sales, delivery, billing and collection, in fact the entire suite of accounting and management. Learn why you need to master finance.
Learn about financial assets and the role the banking industry plays in financial assets market. Learn about various types of financial assets and their importance in terms of banking industry.
Learn what we mean by financial institutions and financial intermediaries. Learn the two main classifications of financial institutions and understand the significant distinction between depository and non-depository financial institutions. Learn how the financial system works and understand the concept of financial markets.
Depository intermediaries receive deposits from customers and use the money to run their businesses. These institutions may have other sources of income, but the bread and butter of their business is handling deposits, paying interest on them, and lending money based on those deposits. Learn about various types of depository intermediaries.
As the name suggests, non-depository intermediaries don't take deposits. Instead, they perform other financial services and collect fees for them as their primary means of business. Learn more about various types of non-depository financial intermediaries and how they work.
Learn what we mean by financial markets and why we at all need them? Understand the major benefits provided by these markets and see some examples on various types of financial markets. Understand the difference between primary and secondary markets.
In our day-to-day life, we use words like business, commerce, occupation, trade, industry etc. quite often. These words have a definite meaning in 'Business Organization'. After studying this article you should be able to identify the broad categories of human activities and describe what we mean by business and what are the features and objectives of business. We will also classify the business activities and will explain the nature of business organization. Read more to know what business is!
Stock exchange or securities market is a place where trading in securities takes place. Read this article to learn the meaning, features and functions of stock exchanges and understand the importance of stock exchanges and methods of trading on stock exchanges. After taking this lesson, learner will be able to explain the meaning and importance of stock exchange and state the economic functions of stock exchanges.
This article explains the meaning and various definitions of finance. is defined in numerous ways by different groups of people. Understand the categorization, sources and features of finance.