Financial services are a broad sector that includes banking, insurance, investments and more. It encompasses everything from credit card transactions to digital banking technology and is a key part of the economy.
Banks – The first service in the financial services industry is banking, which includes collecting deposits and pooling them. Those funds are then used to lend money to people who need it. This is a crucial role in any economy, as it allows people to get their hands on cash when they need it.
Insurance – The next major subsector of the financial services industry is insurance, which provides coverage against death or injury (life and health insurance), property loss or damage (homeowners and car insurance) or against liability or lawsuit. This service is a necessity, as it protects you from the unexpected.
Asset management – The next major sector of the financial services industry is asset management, which handles pensions, insurance assets, hedge funds and mutual funds. This service is essential to ensure that your investment portfolio remains safe and that it grows over time.
Conglomerates – The third and final subsector of the financial services industry includes multi-service financial conglomerates. These companies combine the activities of several sectors, such as life insurance, general insurance, asset management, commercial banking and investment banking.
Professionals in the financial services industry tend to be very happy with their jobs, and enjoy an excellent set of transferable skills that make them well-positioned to find work anywhere in the world. They are also very mobile, as they can often work from home as well as at the office.