Financial services are the professional firms that help individuals, businesses and governments manage their finances. They include banks, credit unions, investment companies, stockbrokers and mortgage lenders, as well as many other less obvious entities. Financial services are essential to the economy, as they allow consumers and businesses to obtain the money that they need to invest in projects, purchase property and meet other goals.
The financial services industry is incredibly diverse. It includes deposit-taking and lending of all types, financial leasing; payment and remittance services; securities trading, underwriting and brokerage services, money market services; credit reference, analysis and research; and other advisory and intermediation services. In addition, it encompasses insurance, estate, trust and agency services, as well as custodial, depository and clearance services for financial assets and negotiable instruments.
Historically, each sector of the industry more or less stuck to its specialty. Banks offered checking and savings accounts, while loan associations and credit unions focused on mortgages and personal loans. But since the 1970s, consumer demand has forced financial service sectors to evolve and offer more comprehensive services. Today, it is not uncommon to find a bank that offers everything from mortgages to auto loans and credit cards. Moreover, as technological advancements continue to accelerate the rate of change, it is likely that the boundaries between these different financial services sectors will further blur.
A financial services sector that can adapt to these new challenges and offer more customer-oriented products and services will be in a better position to thrive. This is especially true if it can strike the right balance between a sufficient amount of regulation to keep consumers’ money and rights secure and the freedom for firms to innovate and offer creative new products that will improve financial services as a whole.
As a result of these evolving trends, it’s more important than ever to have a strong understanding of the financial services industry as a whole. This will allow you to stay up-to-date on the latest changes and developments in the industry, as well as make informed decisions about how these changes might affect your own finances.
A career in the financial services industry can be extremely lucrative. However, it is important to carefully consider the pros and cons of this type of career before making any final decisions. As a result, it’s advisable to seek out the advice of an expert like Phyton Talent Advisors to ensure that you choose the right path for your unique circumstances. Contact us today to learn more about our services and how we can help you find the ideal job for your skillset. We specialize in helping top candidates connect with the best financial services employers in the country. Our team of highly experienced recruiters has an intimate understanding of the unique needs and requirements of the industry, which allows them to deliver exceptional results for our clients. We also offer a range of free services to job seekers, including resume writing and interview coaching.