The banking sector is defined as a devoted economy for holding specific types of financial assets using methods that will make said assets grow financially over a period of time. Banking sectors are governed by rules imposed by governments or similar bodies.
Renowned author and financial consultantStephen Valdez described in his work, Introduction to Global Financial Markets (please visit https://www.macmillanihe.com/companion/Valdez-Introduction-To-Global-Financial-Markets-8th-Edition/about-this-book/), the different types of banking in the global financial markets. These are commercial banking, investment banking, securities firms, asset management, insurance, and shadow banking.
These types of banking are required to fulfill the needs of a wide variety of customers, ranging from large organizations to individual customers. The following is a description of these various types of banking based on the needs of customers:
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