Financial services are the economic services provided by the finance industry, which encompasses a wide range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy firms, consumer-finance companies and stock brokerages. These companies help individuals and businesses manage their finances, invest, save and borrow money, and are present in all economically developed geographic locations.
A healthy financial services sector is essential to society, and provides millions of people with steady and secure jobs. It allows consumers to borrow money to purchase homes, cars, education and other assets; helps families pay for their children’s healthcare and daycare; protects assets and savings from loss or theft through insurance; and supports small businesses and entrepreneurs as they grow and expand.
The sector is characterized by the flow of funds from savers to investors, which then leads to more production and consumption in the economy. This cycle is powered by a variety of players within the financial services industry, including banks, private equity funds, venture capital providers and angel investors.
Regulatory bodies are also important in the financial services industry, and are charged with overseeing different types of institutions’ operations, upholding transparency and making sure clients are treated fairly. Two notable regulators are the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
As with other industries, financial services is experiencing a period of consolidation and expansion. Large and small financial organizations are merging, creating new positions for those interested in entering the field and creating a more centralized structure to support a growing economy. This is a great time to consider a career in financial services!
A job in the financial services sector is a highly-respected and sought-after occupation, and those who work in it are typically very happy with their careers. This is in part because they are well-paid, but it’s also because jobs in this sector are generally very stable and can offer greater job security than most other industries.
Financial services are a vital part of the economy and help drive growth in every other industry. This is why NYC and the world rely on professionals in this field to keep their economies running smoothly.
As the financial services industry continues to evolve, it is important to make smart decisions that will improve your business. Using Salesforce, you can automate manual processes, connect data across all channels and provide your customers with relevant information. This allows your team to take faster, more effective action, allowing them to focus on what matters most: providing exceptional service.