The financial services industry is vital to the health of a nation’s economy, and a healthy financial sector benefits both individuals and businesses. Whether you’re investing your money, seeking a mortgage or taking on debt, this industry is full of options. But how can you know what the best fit is for your needs? Read on to learn more about the different sectors of financial services and what each has to offer.
Financial services include banking, brokerage, credit cards, payment services and real estate. They’re a large part of the global economy and provide a wide range of products and services to consumers, businesses and investors.
A bank is a financial institution that accepts deposits, offers checking and savings accounts and extends loans to customers. Financial institutions may also provide investment services, allowing individuals to invest in stocks and bonds through mutual funds or segregated accounts. These companies may also offer insurance.
Other providers of financial services include currency exchanges, which convert currencies such as dollars into euros, and wire transfer services that enable people to send money electronically around the world. Other financial market utilities include stock exchanges, clearing houses and derivatives markets.
A career in financial services offers a variety of opportunities, good salary and promotion prospects and a chance to build up expertise in a specific area. However, it’s a competitive industry and you must be prepared to work hard to progress in the role. A good firm will have a team of dedicated professionals in each service area that is best positioned to meet your needs.