Banking services include both payment services and financing.
Almost everyone in Finland has a bank account, which is usually opened at a very young age. In Finland, payments are made through a bank account to a much greater extent than in many other countries. Bank accounts make transactions smooth and convenient. Cash is used less nowadays, typically only for small purchases.
Payments are largely automated in Finland
The transfer of payments is based on automation and electronic services. Payment services are provided by banks and payment institutions. They are offered to both personal and corporate customers.
Businesses of all sizes should always assess their own payment needs and their readiness to use different services and then consider the costs. Banks offer services that make payments and invoicing easier for businesses, and it is advisable for entrepreneurs and business owners to review their company’s operations together with their bank to identify the most suitable services for the size and needs of the business.
Banks also provide loans and financing for various purposes. The key factors in determining whether a loan is granted and at what cost are the customer’s repayment ability and the collateral provided.