Financial services is an industry that encompasses the business of finance, which includes banking, investing, saving, and borrowing. This sector is important to the economy as it provides the capital that companies need to grow and create jobs. The health of this sector is often indicative of the overall economic health of a country.
With the rise of technology, it is becoming easier than ever to bank and invest. This has changed the way that consumers interact with financial institutions and has made it possible for smaller businesses to compete against bigger, more established brands. It is also helping to lower the barrier of entry into the industry, allowing people with little or no experience to start their own financial company.
The financial services industry includes the central bank; depository organizations (including commercial banks, building societies and mortgage banks); credit unions; financial intermediation firms (brokers, investment funds, insurance and pensions); and other providers of critical financial utilities. These include global payment networks like Visa and Mastercard, accounting services, credit-card rating agencies, debt resolution companies, and currency exchanges.
A career in financial services offers many perks, including the potential to make a high salary and the opportunity to work in a variety of locations. Despite this, it is a highly stressful industry and burnout is a real risk. Those who do succeed in the sector often have strong interpersonal skills and are able to adapt to change quickly. This makes it a great career choice for ambitious, driven individuals.