Financial services is an industry sector that encompasses a wide range of service-sector firms offering economic resources for financial management, including credit unions, banks, insurance companies, stock brokerages and other investment firms. It also includes mortgage lending, consumer finance, international money transfer and debt resolution services. It also includes accounting and tax filing services, currency exchange and wire transfer services, credit card services and networks, and global payment providers such as Visa and Mastercard.
The growth of digital technologies has opened the door for many new players to enter the market, while simultaneously challenging established companies to become more customer-oriented and innovative. This has made it possible for technology giants like Apple and Amazon to offer a broader suite of financial services directly to their customers. It has also prompted traditional companies to streamline their product offerings, increase efficiency and lower costs in order to survive.
This industry has a huge impact on the world, and the standards and practices it sets influence all businesses. As such, it requires intelligent, fast-thinking individuals who aren’t afraid to take risks and try new things. Many companies provide intensive training and on-the-job experience to ensure their employees succeed.
A career in the financial services industry can be lucrative, and employers often promote based on merit. With so many tools being introduced to the industry seemingly every day, it’s important for people to stay up to date with current trends and technological advancements.