Financial services help individuals and businesses to save and invest money. These financial services are provided by banks, insurance companies and other financial institutions.
Banks are where customers deposit money and earn interest on it. They also offer loans for people in need of funds. Credit cards, auto loans, home equity lines of credit, checking and savings accounts are just a few of the services available.
Another important subsector of the financial services industry is insurance. Insurance provides coverage for people against property damage, injury, death and liability. The role of insurance is to minimize risks and protect people from catastrophic losses.
Other forms of financial services include securities trading and investment management. Financial advisors can assist people with the due diligence on their investments. In addition, they can also provide valuation services to businesses.
There are also several community-based nonprofit organizations that offer money management advice and counseling. A growing sector of the economy is the service industry.
The financial services industry can be an excellent career path. However, it is important to determine what kind of job is best for you. Many financial services jobs require a mix of hard and soft skills. Those with good interpersonal and technical skills may have a better shot at a successful career.
In the consumer financial services market, lenders and mortgage lenders, mortgage brokers, personal loan and student loan providers, and credit card companies are the main players. American Express is one of the most popular payment firms.