Financial services are the economic activities that companies, governments and individuals engage in to further their monetary goals. This includes everything from investing and selling stocks to borrowing and lending money. This sector also encompasses the critical financial utilities such as stock and currency exchanges, debt resolution firms, credit card networks and global payment systems.
Financial service providers are a huge part of the economy and provide vital resources that help people and businesses get on their feet after disasters, recessions, supply chain disruptions or even just everyday life stressors. With a wide variety of career paths to choose from, the industry offers a unique opportunity for those interested in making a difference and building customers’ financial wellbeing.
During the process of providing finance, the companies that provide financial services earn profits which they then reinvest in different sectors of the economy. This leads to more production and growth in the primary, secondary and tertiary sectors of the economy. The benefits of economic growth are reflected in the lives of the citizens who enjoy higher standard of living.
This is made possible through the services like hire purchase, leasing and housing finance that make it easy for the consumers to buy various consumer products by paying in installments over a fixed period of time. This also promotes savings among the consumers. The financial institutions which offer these services are known as financial institutions and the people who save in these financial institutions are highly protected by the laws enacted by the government.
