Financial services provide a range of products and services to individuals, businesses and governments that help them make better decisions about their money. This includes everything from investment and insurance to financial planning and digital banking technology.
There are many different types of financial services and you’ll likely need some or all of them throughout your career. However, it’s important to know the different roles that each one plays so you can determine which type of position is best for your goals and career aspirations.
Banks are the largest providers of financial services for people and small businesses. They offer deposit accounts and savings accounts, along with credit cards and loans for purchases such as cars or homes.
They also provide business and real estate loans and equipment financing, as well as services for payroll and cash management. They can also be a great source of funds for startups or large companies.
Other financial services include investment and trust companies, as well as foreign exchange and reinsurance. The presence of these services ensures that companies can get the funds they need to boost production and earn more profits.
Moreover, there are a wide variety of services that are provided by financial firms for the promotion of domestic and foreign trade. This promotes the production and export of goods and helps to create jobs in backward regions.
The financial services industry is undergoing rapid change as customers become more sophisticated and services are increasingly digitized. This is a challenge for incumbents, as well as new entrants and players from other industries.