Banks necessarily have a large portion of their assets tied up in non-negotiable assets - loans. They retain a central role in the provision of payment services. They are the main channel for the transmission of monetary policy impulses, owing to the convertibility of deposits into legal tender.
Insurance companies are characterized by the production of non-negotiable instruments that offer customers a guaranteed return even for the long term. Securities intermediaries are geared to efficient trading in securities. The liabilities they issue do not carry the obligation of redemption at face value and are not means of payment.