The financial services industry covers all aspects of managing and exchanging money. It includes banking, investing, insurance and financial analysis. These industries make up the foundation of a healthy economy and provide vital services for individuals, businesses and communities.
The sector also encompasses the firms that support it. These include accounting and tax filing services, credit card companies and networks, global payment providers like Visa and Mastercard, debt resolution services, and financial market utilities that facilitate stock, commodity and derivative exchanges.
Banking is one of the largest areas within the financial services industry. It includes retail and corporate banking. Retail banking offers checking and savings accounts, mortgages, loans and credit cards for consumers. The other branch of financial services is commercial banking, which provides a broader range of business services to small and large corporations. Commercial banks earn revenue from interest on loan payments, fees charged for credit cards and investments, and from the profits of merchant account services.
Investments, insurance and the redistribution of risk are other important components of financial services. These areas are not as measurable and tangible as banking, but they are essential to the economic well-being of any country. These sectors are largely regulated by independent agencies.
The types of financial services that are available depend on the needs of the people in a particular area. For example, a consumer may need to secure a mortgage or an automobile loan in order to purchase property or meet a personal financial goal. The financial services industry can help people obtain the funds they need through these loans and by providing other products that allow them to save for future goals.
Investing in the financial services industry can be a lucrative way to increase your income. Private equity funds and venture capital providers provide funding to new or expanding companies in return for ownership stakes or profit sharing. Angel investors are independently wealthy individuals who look for smaller startup companies to fund in return for a portion of the company.
Professionals who work in the financial services industry are heavily rewarded for their expertise. Many of these professionals are encouraged to continue their education and attend seminars to keep up with new developments in the industry. In addition, many companies in the industry offer on-the-job training to ensure that their employees are up to date with the latest tools and trends in the field.
A career in the financial services industry is rewarding, exciting and ever-changing. If you are interested in a job in the industry, contact Phyton Talent Advisors today to find out more about our open roles. Our recruitment specialists will match you with the best jobs in the finance sector, so you can pursue your dream job! We look forward to hearing from you.