Financial services is a broad sector that includes all kinds of businesses that manage money. These include banks, credit unions, insurance companies, accountancy firms and some government-sponsored enterprises.
Banks and fintech firms are rewriting the rules of the financial world as they strive to meet consumers’ demand for faster, smarter and more mobile financial services that don’t require a bank account. They are changing how people view their money and how they borrow, save and invest.
The industry’s biggest challenges are a lack of understanding among customers about their debt and basic money management, and the need to improve regulation that can hinder growth and innovation. Yet, there’s also an opportunity to build customers’ financial wellbeing and help them make the right decisions about their finances.
Whether you’re a banker, an insurance salesperson or a stock broker, your career in financial services is likely to be a fulfilling one that will bring rewards for your hard work. The industry pays well, and it offers the option to move anywhere in the world if you want to.
Financial services are essential to economic dynamism. They allow producers to acquire funds for boosting production and earning more profits. They also enable investors to raise capital.
They provide a way for people to make and manage their money, which can be used to buy things like cars, houses, or even to pay for college. They also offer insurance to protect against life events, natural disasters, or other risks.
Consumer finance is a subsector of financial services that helps consumers purchase goods and services using installment payments, such as mortgages and loans. This sector is dominated by banks, credit card providers, and mortgage lenders.
Private equity and venture capital fund providers are another part of the finance industry that provides investment capital to companies. These funds are usually provided in exchange for ownership stakes or profit participation.
Many jobs in this field are based on interpersonal skills and often don’t require a degree. It’s a great field to choose for someone who enjoys working with others and has the ability to thrive in a fast-paced environment.
Job security is an important perk of this career, and it’s a popular choice for those who are seeking careers that are flexible, but challenging. Because it’s such a large industry, there are plenty of positions available and a variety of opportunities.
These services also give people a sense of financial control and resilience when unexpected events occur. They make people feel better about their money and can help them be more successful with saving and investing for the future.
Some financial services also help people get out of debt, by offering options to reduce interest charges or stop payments. These options can include debt consolidation, redraw facilities, and more.
They are also responsible for monitoring and regulating the financial services industry, making sure that people who use these products are treated fairly. Some of the most common problems in this area include mis-selling and fraudulent activity.