Financial services is a broad term that covers a range of different types of professionals and products, from banking to investments and beyond. So, if you’re looking to start your career in financial services, it’s important to understand the industry’s scope so you can find the right fit for your goals and skills.
Providing economic services
Financial services companies include credit unions, banks, credit-card companies, insurance companies, accountancy companies, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. They all play a part in the global economy, but each has its own unique characteristics.
Investing in the future
The financial services sector provides intermediation between savers and borrowers by pooling their cash, assessing risk and monitoring the performance of their investments. This helps channel cash from savers to borrowers and redistributes risk so that individuals don’t suffer when one or two of them fail to pay back their debts.
Protecting what matters
Another key subsector of the financial services industry is insurance, which protects assets from loss or damage. This includes protection against death or injury (life insurance), liability, property damage, and lawsuits.
Adapting to the changing environment
The changing environment for financial services requires companies to adapt their strategies and processes to address new risks, opportunities, and challenges. These challenges come from the increasing importance of customer data, regulatory requirements, FinTech, and more.
Digitalization and automation are critical to driving efficiency, compliance, and a great customer experience in the financial services industry. We can help you modernize your front- and back-office operations with a comprehensive portfolio of innovative solutions, including business and customer intelligence tools and data platforms.