There are various types of financial institutions and they do have different services. Based on the various types of financial institutions, banks are responsible for collecting deposits of the customers as their savings or as investments in the case of investments banks. On the other hand, there are a number of financial services like insurances, mortgage services, loan lending etc (which are provided by other institutions). We can also say that there are many types of financial services and banks provide savings, depository and investment services while other services are offered by other institutions.