Financial services are a broad sector of the economy that includes banks, credit unions, investment firms, insurance and pension funds. It is important for a healthy economy because it helps facilitate the flow of capital and liquidity in the market.
Banks provide financial goods like checking accounts and mortgages, but they also offer a variety of financial services. They issue credit cards, electronically transfer money, and offer notary services.
Stockbrokers and trust funds are also part of the financial services industry. These companies buy and sell commodities like coffee or oil, but they also deal with money.
There are many different kinds of jobs within the financial services industry, and each one requires a unique set of skills to succeed. You may not need a degree to get started, but you do need to understand the industry and have the interpersonal skills needed for your specific role.
In addition, financial services is a lifecycle-based sector, meaning it’s important to know what products will work best at various stages of your customers’ lives. By using data to analyze customer engagement and spending patterns, banks can anticipate their biggest needs, make appropriate offers, and customize their services.
The financial services industry is constantly changing, so you will need to be able to adapt and grow with it. It’s also an industry where you can be promoted on merit, which makes it a great career for people who are eager to learn and succeed.