Financial services include the activities of businesses and governments that support the flow of money. This includes the buying and selling of products or assets, investing money, taking out debt and levying taxes to further economic goals. It also includes all the financial tools that help people and businesses manage their money, including credit card companies, payment networks, and banks.
The industry has evolved a lot in recent years thanks to deregulation, globalization and other factors that have shaken the market. But it hasn’t stopped innovation. For example, digital banking has changed the way people bank — they can check their balance on the go and pay bills online instead of using an ATM or visiting a branch. Financial services firms have also developed new products like cryptocurrency and other innovative solutions for their clients.
For example, an insurance company might have a product that predicts when a customer is going to make a big purchase or change jobs, then automatically sends them a renewal notice or a recommendation for a new policy. This can save customers time and hassle.
There are a wide variety of career options in this field, from the traditional roles of insurance agents and brokers to investment bankers and stock traders. Other types of roles in this sector include debt resolution, which helps consumers get back on track with their payments, and financial market utilities that allow stock, derivative and commodity exchanges to function.