Financial services are a vital component of our nation’s economy. These services help individuals, small businesses, large companies and even the government obtain the money they need to thrive. The financial services sector includes banks, credit unions, insurance companies, investment houses, lenders, securities traders, credit card companies and much more. As the economy grows, so do these firms and their services.
While most people think of banking, lending and investing as separate industries, they’re actually all part of the same sector called financial services. Banks offer checking and savings accounts, mortgage lenders give consumers a chance to secure a home loan and brokerage firms allow you to invest in the stock market.
A financial good is any object you buy or possess that’s related to your finances, like a mortgage or life insurance policy. The financial service is what makes it possible to purchase and own the product. So, the bank that provides a mortgage and all the services involved in that transaction is a financial service. And so is the broker who helps you find the best rates and the underwriter who creates the policy.
In addition to providing loans, investments and financial advice, financial services also protect your assets by offering security and risk management tools. That means that if you have a credit card, the company who issues it is a financial service, because they’re protecting your assets in case you default on payments. The same goes for insurance companies, which are in the business of protecting your property and assets from risks like natural disasters, fire or theft.
Another way that financial services protect you is by ensuring that your country’s currency is stable and available in the global marketplace. This is because countries with stable currencies can attract more investors, which can lead to economic growth and prosperity.
Financial services can be found all over the world and include everything from banks to investment firms and mortgage lenders. These firms are all vital components of a country’s economy and provide the essential services that keep the economy running smoothly.
Careers in the financial services industry often pay well, especially if you’re able to advance rapidly. Many businesses in this field are heavily invested in the development of their employees and encourage their staff to pursue continuing education or take on-the-job training. They also value aptitude over tenure, so if you’re able to show you’re ready for a promotion in this sector, you can expect to move up quickly.
While there are perks to working in the financial services sector, it’s important to weigh your options before jumping into this highly competitive industry. It’s a sector where cyberattacks are common and where the threat of data breaches is always present. That means you’ll have to continue to invest in proactive monitoring and business continuity/disaster recovery solutions just to stay two steps ahead of the bad guys. Phyton Talent Advisors works with professionals in the financial services sector every day and we’ve seen firsthand how lucrative and rewarding a career in this field can be. If you’re interested in learning more about how to launch your career in financial services, reach out to our team today!