When the financial services sector is strong, it boosts consumer confidence and purchasing power. It also makes it easier to save and access credit. When the sector falters, it can drag down a nation’s economy.
Financial services is a broad category that includes everything from banks and mortgage lenders to stock brokers and investment firms. It also encompasses insurance companies and credit-card issuers. And it goes beyond individual consumers to include small businesses, large corporations and even the government.
Banking professionals are tasked with understanding the needs of customers and offering them products that align with those needs. This is challenging as technology changes the way we borrow, invest and save. For example, machine learning algorithms can help determine if a potential customer is likely to default on a loan by using their credit history and other transaction data.
Regardless of the changing landscape, a career in financial services is rewarding. When surveyed, professionals in the industry report high job satisfaction levels. And it’s not uncommon for employers to provide on-the-job training, which can help employees expand their skillsets and grow in their role.
The strength of the financial services sector is vital to a country’s economic health. It allows individuals to get the money they need in loans for mortgages, education, vehicles and more. It also helps people save for their retirement and other goals, and it safeguards their property and health through insurance. In addition, a robust financial services sector creates jobs and boosts a country’s GDP.