Besides banking, the financial services sector also includes insurance, consumer finance, debt resolution services, currency exchange services, and investment houses. These businesses play an important role in everyday life. In fact, the industry is one of the largest in the world.
The industry is also a key driver of the economy. By providing financial services, these companies promote saving, investment, and production. This in turn, helps the economy grow. In addition to these companies, there are many nonprofit organizations that provide financial services to the community.
The financial services sector includes financial market utilities, which include the stock exchanges, commodity exchanges, clearing houses, and real-time gross settlement systems. These organizations are vital to the financial services industry’s infrastructure.
There are many opportunities for career growth in the financial services industry. Some of the key areas include asset management, investment banking, and retail banking. Other areas include structured finance, which develops intricate products for high-net-worth individuals.
A financial services industry professional may work anywhere in the world. They can work for an investment bank, a credit card company, or even a bank. The industry is also highly dependent on IT systems. This means that people must have up-to-date information when making a purchasing decision.
When people need to borrow money, they usually go to a bank. They can also borrow money from an insurance company. These organizations help reduce the risk of borrowers by pooling money and selling bonds to raise funds. The money is paid back plus interest.