Financial services are the businesses that provide an array of products and solutions for individuals and companies who want to borrow, invest, save, and manage their money. They can be found in every sector of the economy and are one of the most significant contributors to the health of a country’s economy.
These services include deposit-taking; lending of all types (including credit card and mortgage lending); investment banking; securities brokerage; insurance; credit reference, management and intermediation services; and other auxiliary financial services. Many of these businesses are diversified and work across multiple sectors, but there are also many standalone firms that focus on specific products such as investments or mortgages.
The most common of these financial services are banks, which offer a variety of depository services such as checking accounts, savings accounts, and certificate of deposits; and credit facilities such as loans and lines of credit. Banks may also offer other related services such as money transmission, payment systems, and financial leasing.
Asset management firms handle investment assets such as pension funds, hedge funds, mutual funds, and other similar products. These firms can also serve as an adviser or consultant to other financial service providers. They can also perform underwriting and advisory services to public and private entities for mergers and acquisitions.
Another subsector of this industry is credit reference agencies, which provide credit scores and ratings to individuals and businesses. These firms can be found in many countries and play a key role in the financial market as they can influence credit decisions by providing accurate and reliable information.
Insurance is a popular product offered by financial services providers and covers the risk of loss or damage to property, life, or health. It can be a very important tool for consumers and businesses to have, especially in times of crisis or disaster.
There are several different areas within the insurance sector including general insurance, life insurance, and health insurance. There are also specialized insurances like mortgage, business, and automobile insurance. Financial services providers also offer reinsurance to other companies to help them lessen the risk of catastrophic losses.
The industry of financial services is a very competitive and diverse sector, with a wide range of opportunities for professionals looking to make a mark in the world of business. This is a great career choice for those with a knack for numbers and a desire to see their hard work pay off. It can also be an excellent opportunity to network with some of the biggest names in the business and it wouldn’t be surprising if you ended up making lifelong friends working in the City. Be sure to keep your ear to the ground and speak to a Pocketbook Agency specialist to see what roles are available in your area. There are a huge number of positions across the US and abroad, so don’t miss out on the chance to find your ideal job!