Financial services is the industry that encompasses all aspects of finance — banking, insurance, securities, credit cards and more. It is a crucial part of the global economy and helps businesses, individuals and governments manage their finances.
Until recently, the financial services industry largely operated in siloes. Banks focused on savings and checking accounts, loan associations specialized in mortgages and loans, and brokerage firms offered investment opportunities like stocks and mutual funds. Today, the sector is much more expansive and includes all of these sectors as well as many other areas such as global payment companies (like Visa or Mastercard), debt resolution providers and stock exchanges.
The main function of Financial services is to make available a variety of products and services to consumers so that they can meet their financial needs in the best possible way. This allows for economic growth by enabling the consumers to purchase more goods and services that will improve their standard of living.
In order to provide the right kinds of products and services, banks have to be aware of what their customers need at different stages of life. This is why some of the most important skills for a career in financial services are strong math and data analysis capabilities as well as good interpersonal communication and collaboration.