Financial services are what allow us to spend, save, invest, and borrow money. They also support other industries by allowing them to operate in ways that produce goods and services for their customers. They are a powerful economic driver and a large consumer of a wide range of business services.
This sector includes thousands of depository institutions, providers of investment products, insurance companies, credit and financing organizations, and the critical financial utilities that support them. Depository institutions collect savings from the public and lend money to businesses and individuals who need capital for a variety of reasons, including expanding their operations or buying new equipment. Investment firms provide advice on investing in securities like stocks and bonds. Other firms provide insurance against the risk of death or disability, against property loss or damage, and against legal liability.
GlobalEDGE defines Financial services as all the work that supports money or asset management in a commercial context. However, this broad category can include many different types of positions and careers. Some, like a job as a bank teller or mortgage lender, may not offer the career growth that a professional wants.
For a financial services company to thrive, it needs to be profitable and customer-oriented. In addition, it must be able to respond to changing market conditions, including technological changes that make it easier for customers to shop around and gain access to new financial products and services. In addition, a financial services company should focus on its core strengths and avoid entering markets that are not financially sustainable in the long term.