Alternative financial services (AFS) is a term often used to describe the array of financial services offered by companies that are not federally insured banks and thrifts. It sometimes also refers to financial services that are offered through alternative channels, such as the Internet or mobile phones. This article provides an overview of AFS and a description of the key products and services in this sector. It is intended as a primer for banks and others who are interested in understanding the competitive landscape in the financial services industry and exploring suitable opportunities in the AFS sector.
Last Updated: November 20, 2025