Financial services is the industry that facilitates the making and investing of money for both people and organizations. This includes activities like banking, credit card transactions, debt counseling and the purchase of insurance products to cover against the risk of loss due to illness, death or property damage. It also encompasses companies that provide financial market utilities such as stock exchanges, clearing houses and derivative and commodity exchanges and payment systems like real-time gross settlement systems or interbank networks.
Regulatory bodies: Independent agencies that are designated to oversee different financial institutions and ensure that their operations are transparent and that clients are treated fairly. Examples include the Financial Industry Regulatory Authority and the Office of the Comptroller of the Currency.
Investor services: This branch of the financial industry helps individuals invest their savings into stocks, bonds and mutual funds as well as offer advisory services to help them make informed investment decisions. Financial institutions that offer these services also assist with loan applications and facilitate payment transactions such as online bill pay, wire transfers and electronic fund deposits.
Commercial banking: Similarly to retail banks, these services offer business-related banking for entrepreneurs and small businesses. This might include depositing daily profits into checking and savings accounts or providing loans for equipment purchases or for funding a new or expanding business. It might also involve services like cash management or providing financial consulting advice to clients.
Debt resolution: This service offers assistance to those who have too much debt or are in danger of defaulting on their payments. It can include helping them find repayment options or negotiating with lenders to reduce their interest rates or even cancel the debt completely.
Insurance services: This branch of the financial industry offers products like life, health and property insurance to protect against the risk of loss due to unforeseen events or natural disasters. It can also offer advisory services for businesses to help them create and maintain insurance policies that best suit their needs.
The world of finance is constantly evolving, so it’s important to choose a career path that aligns with your long-term goals. Whether you’re looking for an opportunity to expand your knowledge of the industry or to use your skills in a new way, there’s a role out there for you. With the right education, training and experience, you can take your career to the next level within the financial services sector. Good luck!