Careers in Financial Services

Financial services

Financial services include a wide range of companies that deal with money, such as banks, credit unions, insurance companies, and accountancy firms. This industry is vital for the economy, as it enables businesses and governments to raise and disburse funds.

Banking – Banks and other financial institutions provide a variety of services to customers, including loans, deposits, investment services, and credit cards. Their revenue is primarily from interest rates charged for loans and deposits, fees, and commissions.

Conglomerates – A group of financial service companies that operate in more than one sector, such as insurance, health care, asset management, and retail banking. These types of conglomerates can provide benefits such as diversification, which leads to lower economic capital than operating in just one area.

Regulatory agencies – Independent agencies are designated to oversee different financial institutions’ operations, uphold transparency, and ensure their clients are treated fairly. These organizations can also help companies comply with laws, such as those involving consumer protection and antitrust.

BPM – Business process management is an important part of a successful financial firm. This includes integrating all processes and making sure they run efficiently. With this, employees can better serve their customers and avoid any unnecessary delays.

Automation – Automating repetitive tasks, such as sending new information to bankers, can free up time for the staff to focus on more meaningful projects. This can improve customer satisfaction and retention.

Data analytics – This service provides the bank with a deeper understanding of its customers, helping them to anticipate their financial needs at key stages in their life. It helps banks understand when their customers are most likely to make big purchases, such as a home or a car, so they can tailor their products accordingly.

Digital – The rise of the internet has revolutionized many aspects of financial services, especially in the realm of mobile financial services. This has opened up access to banking and other services for millions of formerly unbanked consumers around the world.

Careers in financial services are often extremely challenging, but they offer great opportunities to learn and grow. You’ll often have a lot of responsibility early on, and you’ll be given training and mentoring to ensure your success.

Job satisfaction – Working in the financial industry is very rewarding and satisfying. According to the Bureau of Labor Statistics, workers in this field rated their job satisfaction at an average of 9.6 out of 10.

Work-life balance – In financial services, the nature of the industry means that you’ll spend a significant amount of time away from your family. But this doesn’t mean you have to sacrifice your personal life or social activities.

Diversity – There are many opportunities for women to work in financial services. However, there are still major barriers to gender diversity in this field.

Burnout – The financial services industry is a stressful place to work, and it’s not uncommon for people to feel burned out at work. In fact, almost three in ten entry-level women report being burned out often or always.