As an industry, Financial services provides a wide variety of products and services that directly affect people’s finances and economic security. It includes everything from banks and brokers to mortgage lenders and credit card companies, as well as investment funds, insurance and the redistribution of risk. It also helps individuals, small businesses and large corporations with their money management.
A career in finance isn’t for everyone, but it does offer plenty of benefits. As a career choice, it offers competitive pay and the opportunity to advance quickly in a field that relies heavily on relationships.
The industry is also a vital one for the economy. Without it, savers would have a hard time finding those who need to borrow, and vice versa. And it’s crucial to help keep risks low and ensure that businesses can invest in their growth.
As the financial sector evolves, it’s becoming more personalized for each customer. Companies are collecting data to anticipate important life events that their clients may be going through so that they can prepare a product or service for them. For example, a bank can look at a customer’s past spending patterns to know when they might be getting married or buying a house. This allows the bank to be there with a relevant product or service to help their client make a good decision.
The financial sector is regulated by independent agencies to ensure that financial institutions operate fairly and with transparency. This is especially true for the bigger players who have consolidated to compete and create economies of scale.