When most people think of the finance industry, they think of banks, mortgage lenders and insurance companies. These are all part of the financial services sector, but there is much more to it than that. Financial services are economic services that encompass the broad range of service sector firms that provide financial management, including credit unions, banks, credit-card issuers and payment networks, insurers, securities brokers and dealers, asset managers, stock exchanges and other financial utilities. These are all vital services that help to create wealth and prosperity, as well as to manage risk and control inflation.
Banking includes all activities related to direct saving and lending, but also includes the sale of financial products like checking and savings accounts. Banks earn revenue from the interest rates they charge for loans, as well as from fees and commissions. This branch of the industry also includes services like money transfers and foreign-exchange trading.
Investment services are another important aspect of the finance industry, as they involve helping individuals and organizations with a wide variety of investments and assets. This includes advice on investment decisions, valuation services for real estate ventures and aid in business acquisitions. This is also the branch of the industry that provides financial advisory services, which are incredibly important for individuals and companies seeking guidance on their finances.
Many of these professional services are also offered online, which means that digital gig workers can work from home and even on the go, depending on their specific job role. This makes the field an attractive option for many, especially as it tends to pay quite well in comparison to other industries.