Financial services are economic services provided by companies in the finance industry. This industry includes a variety of businesses, including banks, credit-card companies, and credit unions. In other words, financial services companies provide a wide variety of products and services to their customers. They include everything from loan and insurance programs to investment banking.
Financial services include all aspects of money management and insurance, as well as payments and wire transfers. They also include credit card machines and networks, and debt-resolution services. Global payment providers like Visa and Mastercard are also part of this industry. A growing number of companies are offering online or remote services to customers, and the industry is growing.
There are many different types of financial services jobs, so having a broad background in these fields is important. However, not all of them require a college degree. Depending on your interest and skills, you can start in a lower-level position and advance to a more senior role. Many positions in financial services require a mix of hard and soft skills.
The financial services industry is very diverse, and the sector has been evolving since the 1970s. Before the 1970s, different companies focused on different areas of the industry. For example, banks provided checking accounts, while loan associations offered mortgages and personal loans. Brokerage companies also provided investment opportunities. In the 1990s, financial services companies began to merge to form larger financial conglomerates.