The financial services industry includes banks, credit unions, credit-card companies, mortgage lenders, investment firms, stock brokerage houses and insurance agencies. It also encompasses global payment providers such as Visa and MasterCard, debt resolution services and credit-card machine networks.
A vibrant and active capital market is a barometer of a healthy economy. It enables investors to make good investments in different sectors. It helps in mobilizing the public savings through investments and thereby increase the economic growth. It also provides an opportunity for the entrepreneur to raise funds through hire purchase finance or through public issues. This is a major source of employment in the country.
One of the important functions of financial services is to provide protection against various risks like death, disability, unemployment, property loss or damage etc. The financial services offer various type of insurance plans to the people that include life insurance, health insurance and disability insurance. They also help the borrowers to get loans at lower interest rates.
The financial services sector is a very dynamic and competitive field. New technologies, products and platforms are constantly being introduced to the market. This makes it important for professionals in this industry to stay updated with the latest trends and practices. This is why many financial services companies encourage their employees to pursue ongoing education and provide on-the-job training opportunities. Additionally, they are known to promote from within based on merit, which can be an attractive proposition for younger candidates looking to advance their careers rapidly.