Financial services are the companies that help people manage their money. They offer convenience, safety and access to credit, as well as investment opportunities and insurance against financial losses. The industry includes banks, credit unions, building societies and mortgage banks; credit-card companies; credit-card networks and other payment processors; global payment providers; debt resolution services; and stock, commodities and currency exchanges.
The world needs financial services to thrive. When people have control over their finances, they are more resilient when the unexpected happens, they take better care of themselves and plan for the future, and they are more likely to save and invest. Creating jobs in this sector is essential for our economy and society.
Working in financial services can be very rewarding. It offers great career prospects and the chance to have a very balanced life, especially for those who start at an early stage in their careers. In addition, the pay is competitive and you can quickly move up the ranks.
As the industry becomes more digitized, big tech firms are looking to grab a share of the $1.35 trillion US market for finance services. For example, Apple’s upcoming launch of an iPhone card would cut into interchange fees, which are a major source of revenue for issuers and banks. This makes it even more important for financial institutions to stay ahead of the curve with innovative technology and digital offerings.