Financial services is a broad term that encompasses a wide variety of different jobs and careers. This industry can range from insurance and banking to investments and even credit card companies. As the coronavirus pandemic has brought many people to their computers to manage money matters, this industry is booming and there are a lot of opportunities for professionals with the right skillsets.
Most people are familiar with the idea of insurance, which covers costs for things like health, auto or home. This is one of the most common types of financial services that people rely on and is an essential part of our economy. Other examples of financial services include money markets, mutual funds and equity funds. These provide access to investment opportunities and help people diversify their portfolios. Banks also act as intermediators, by collecting deposits and extending loans to individuals and businesses. They take on the risk that borrowers won’t pay back their loans, and they pool risk by having lots of borrowers so that one or two bad apples don’t ruin everyone else’s experience.
The industry is undergoing a period of consolidation, with lots of large and small firms merging to create larger entities that are more efficient. This can mean more opportunity, as well as a more consolidated view of the industry and its regulations. For the average person, this means that they’ll be able to have their questions answered faster and more easily by someone who knows what they’re doing.