Financial services is a broad term that includes everything from insurance and money management to payments and digital banking technology. It’s a sector that impacts everyone, from big banks to small community banks and nonprofits.
It’s a diverse field, which means there are tons of opportunities for you to explore and grow your career. You can be an investment banker or work for a large firm like Morgan Stanley, or you could work for a local community-based organization providing financial counseling services or giving advice on money management.
Your career in financial services can be a great fit for you if you are looking to make a positive impact on the world around you. It also pays well, and offers a balance between your personal life and your career.
The Financial Services Sector provides a range of services that are essential to the flow of capital and liquidity in a country’s economy. These include banking, brokerage, mortgages, credit cards, payment services, real estate, taxes and accounting, and investment funds.
Some of the most common types of financial services are commercial banking, consumer finance, investment banking, and insurance. The industry is made up of thousands of different entities that provide these services, and there are many different roles you can pursue.
Commercial banking is the most common type of financial service provided by the financial services sector, and it involves lending money to businesses or consumers. These firms may lend in the form of a checking account or a savings account, and they also offer credit facilities and overdraft agreements to ensure customers have access to their funds.
Other types of financial services offered by the financial services sector are investment banking, trust funds, and stockbrokers. These firms focus on helping businesses raise capital, primarily in the form of debt and equity. They also advise companies on mergers and acquisitions, and they sometimes manage their portfolios of assets, which can be complicated and difficult to navigate.
Consumer Finance is another major subsector of the financial services sector, and it focuses on helping people afford goods and services. This includes the mortgage market, credit card companies, and the student loan market.
It is a way for individuals to pay for things that they need in installments over time, such as a car or a home. Some of the major players in the consumer finance industry are American Express, Citibank, and HSBC.
These companies offer a wide variety of services that allow people to easily transfer money and track their accounts. They also allow them to save money for the future or earn rewards for using their credit card.
The industry is highly dependent on information technology, and it’s changing rapidly as more consumers and organizations use apps to conduct their banking and other financial transactions. With 54% of consumers saying they’re more likely to trust a tech company than their own bank, and regulators increasingly leaning toward new tech, the financial services industry is changing fast.