The financial services industry is a large and diverse sector. The industry provides an important contribution to the economy. It helps people make money, save money and invest money.
A career in this industry requires many skills. Those involved in the financial services industry work with other individuals and organizations to solve complex financial issues. They need strong interpersonal skills and the ability to present information.
One of the most important skills in the financial services industry is data analysis. This involves reviewing financial documents and analyzing them. Financial services professionals may also be asked to provide financial consulting or broker services.
Other key areas of the financial services industry include investment services, insurance and financial market utilities. These include stock exchanges, commodities exchanges, clearing houses, and other utilities that support the capital market.
Many community-based nonprofits offer money management advice. Insurance companies protect policyholders from injury and death.
Banks are the foundation of the financial services industry. They provide loans, credit facilities and accept deposits from customers. Banking services are available from commercial banks, credit unions and community banks.
Financial services companies can be nonprofit or for-profit. Some of the largest banks in the United States are Wells Fargo and American Express. Both offer credit cards and travel services.
Financial services companies include legacy banks, emerging challengers and others. They are highly dependent on IT systems.
Some of the services provided by these companies include investment advisory services, hedge fund management, retirement planning and other products. Investment capital is supplied by venture capital firms.