Answer:
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
