Financial services are those activities that support and enable the money economy. This industry includes banking, borrowing and investing, as well as a wide variety of supporting services like accounting, credit card networks, payment systems and brokerages. The financial sector is a large and important part of the economy, and it plays a critical role in a country’s ability to manage its public finances, develop its businesses and support its citizens.
Careers in financial services provide a lot of potential rewards, and are often highly respected. However, you’ll need a strong network and the right skills to make your mark in this competitive arena.
In the banking section of the finance industry, banks serve as middlemen between savers and borrowers. They pool individual deposits and lend money to borrowers for various purposes, such as purchasing a home or starting a business. Banks also offer a range of other services such as investment and mortgage banking.
A major component of the financial services industry is insurance. Whether it’s an auto or homeowner’s policy, these products act as a safety net that covers the costs of some unforeseen events. Insurance agents and brokers, as well as underwriters who create the policies, are all considered part of the financial services industry.
In addition to the thousands of depository institutions, providers of investment products and lenders of credit and mortgages, the financial services industry includes a wide array of supporting companies that help with regulatory compliance and payments. For example, the Salesforce Einstein platform helps Spar Nord digitalise their customer service across channels, allowing them to provide real-time predictions and answers to questions using data from every customer touch point.