These institutions facilitate the efficient allocation of money by facilitating the movement of money within businesses, banks, credit unions, insurance companies, and individuals, highlighting the role of institutions financial in economic development. Here is the list of roles played by financial institutions: Regulation of the money supply. Financial institutions include banks, insurers, investment managers, funds and other non-bank financial institutions. The majority of existing studies have focused on the banking sector, while others have specified a type of bank, such as Gallemore Commercial, Lefanowicz and Mclelland, Non-Banking Financial Corporation - NBFC: Non-bank financial companies, or NBFCs , are financial institutions. which provide certain types of banking services, but do not hold a banking license.