The correct answer is: All of the above.
Financial intermediaries are institutions that act as a link between borrowers and lenders. They help to channel funds from savers to investors, and they provide a variety of financial services, such as loans, investments, and insurance.
Commercial banks are the most common type of financial intermediary. They accept deposits from savers and use those deposits to make loans to borrowers. They also provide a variety of other financial services, such as checking and savings accounts, credit cards, and mortgages.
Investment banks help companies and governments raise money by issuing stocks and bonds. They also advise companies on mergers and acquisitions, and they provide a variety of other financial services to businesses.
Insurance companies collect premiums from policyholders and use those premiums to pay out claims to policyholders who suffer losses. They also provide a variety of other financial services, such as annuities and retirement planning.
Financial intermediaries play an important role in the economy by helping to channel funds from savers to investors. They also provide a variety of financial services that make it easier for businesses and individuals to manage their finances.