Financial services are the businesses that allow individuals and companies to invest in projects, build savings for retirement or other purposes, borrow money and manage risk. They include banks, credit unions and credit-card companies. The industry is regulated to ensure that consumers are treated fairly and protected from scams and other crimes. Governments set rules for the type of documentation needed, how customers are contacted and how complaints are resolved.
This sector is the engine that drives a nation’s economy. It advances loans to entrepreneurs and businesses to expand, provides mortgages to homeowners and insurance policies against financial losses and unforeseen events. It also oversees the transfer of money between financial institutions and other markets.
The sector includes investment banking firms, money managers, brokers, banks, credit-card companies and credit-card machine services and networks. It also encompasses accounting and tax services, and global payment providers like Visa and MasterCard. It also includes debt resolution services and the stock and commodity exchanges that facilitate stock, bond and derivative trades.
The financial services industry is vast and diverse, and no single organization offers all of the products or services. The sector’s breadth means that it is easy for employees to find opportunities in different areas. However, there are some important characteristics that define a successful career in the industry. These include excellent communication skills, knowledge of the latest technology, a strong work ethic and a desire to make an impact in people’s lives.