Financial services are a powerful economic force that provides essential products and services to the global marketplace. They encompass the banking industry (deposit-taking, lending of all types) as well as investment services, insurance, estate, trust and agency services, securities, and all forms of financial or market intermediation. In today’s world of sharp risks, intense competition and heightened customer demands, the business environment in Financial Services is continuously challenging.
The financial services sector seems nearly all-encompassing today – banks not only offer checking and savings accounts, but also mortgages and auto loans; brokerage companies buy and sell securities for consumers; credit card companies provide credit cards; and a host of other businesses, such as debt resolution, investment consulting, foreign exchange and payment utilities (like real-time gross settlement systems and interbank networks). Then there are the conglomerates that specialize in more than one sector, such as universal banks.
A healthy financial services industry is crucial to any economy. It enables individuals to get the money they need in loans for homes, cars, education and more; saves them through investing; protects them from life’s uncertainties with health and property insurance; and assists organizations of all sizes to grow and thrive.
But a career in financial services isn’t for everyone. It requires people who are smart, quick-thinking team players and able to deal with high levels of stress. The pay isn’t huge, but it is competitive and the chances of getting promoted are higher than many other industries.
