Financial services are the industries that provide banking, insurance, money management and payments. These companies are the backbone of the global economy, affecting people in all corners of the world. The industry is incredibly complex, and there are many different players with different roles and skills. As the industry continues to evolve and become increasingly digitized, legacy banks are competing with emerging challengers for consumer attention.
This sector includes central and depository institutions, such as commercial and savings banks; credit unions; mortgage bankers and lending societies; credit and insurance companies; securities firms; and all other enterprises that are engaged in financial intermediation or asset management. This also includes financial market utilities such as stock and derivative exchanges, clearing houses, and real-time gross settlement systems or interbank networks.
The main objective of financial services is to help individuals, businesses and governments meet their financial needs, especially during times of crisis. This sector is essential to the economy, as it provides a wide variety of benefits, including economic growth and employment opportunities. Its presence enables consumers to purchase more products and services, while it also helps businesses grow through investment and production. Financial services also provide credit facilities such as hire purchase finance and leasing for consumers to improve their standard of living.
There are several pros to a career in financial services, such as the chance to work with large amounts of money and build excellent interpersonal skills. However, it is important to consider the career path and whether it is in line with your personal goals. For example, a degree isn’t always necessary to get started in the field.