When you think about Financial services, you may imagine banks, mortgage lenders, stock brokers and credit card companies. However, there is much more to the industry than just those sectors. Financial services is comprised of thousands of depository institutions, providers of investment products, insurance companies and those who help finance businesses, individuals and even governments.
For example, private equity funds and angel investors supply capital to new or struggling companies in exchange for ownership stakes or profit participation. Insurance is another important segment that helps protect consumers and businesses against financial losses and liabilities. These include protection against death or injury (e.g., life, health and property insurance), or the loss of assets (e.g., homeowner and auto insurance).
With financial inclusion making major strides worldwide, millions of previously unbanked adults have gained access to banking services. Banks are now able to offer digital financial services such as mobile money, payments and savings accounts through the use of smartphones and tablets. They are also able to deliver more targeted financial offerings to customers through an analysis of their customer data and understanding what type of product or service they need at different stages in their lives. In addition, global payment providers like Visa and Mastercard are part of the financial services sector. When considering a career in this highly competitive and rewarding field, it is important to understand what the different types of roles are, as well as the qualifications required to work in them.