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The Financial Services Industry

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Financial services

The financial services industry offers a broad range of economic services to people. Businesses providing these services include credit-card companies, banks, and credit unions. Financial services companies also provide investment advice and insurance. These services are often regulated by governments and are available through many different means. In addition, financial services organizations also provide a range of IT systems.

Job roles in financial services industry

The financial services industry is a cyclical industry that hires a significant percentage of new employees during the market’s upswings, and it tends to sack a large number of employees during downturns. Although senior financial analysts and productive sales agents are rarely affected by mass layoffs, few other positions are insulated from drastic economic contractions.

Companies providing banking, investing, and insurance

There are many types of companies that provide banking, investing, and insurance services. Each of these companies has a unique approach to this industry. Some companies make loans while others accept deposits. Some make money by profiting from the difference between the loan and the deposit. Some of these companies also make money by helping companies buy and sell derivatives and securities. Other companies provide advice and invest funds for their clients.

Regulation of the industry

Regulation of the financial services industry is a key component of financial system stability. Governments enact regulations in order to protect consumers and provide a regulatory framework that ensures that financial institutions operate properly. However, the effectiveness of regulatory oversight depends on a number of factors. For instance, an effective regulatory regime must have a clear legal basis, and its public objectives must be clearly stated.

IT systems

The financial services industry faces increased pressure to modernize its IT systems to meet the demands of a digitally-enabled customer base. Old on-premises systems are becoming outdated and are increasingly incompatible with cloud technologies and connected mobile devices. Even though system modernization is expensive and time-consuming, there are several benefits for financial institutions that adopt modernized core platforms. These new systems enable them to take advantage of hot technologies and integrate more advanced software.

Customer-focused nature of the industry

Today’s customers are savvy and expect a high level of service. They also scrutinize their experience with a brand more than ever before. Companies that focus on their customers reap the rewards of renewed loyalty and a competitive edge.

Job opportunities for recent grads

There are a variety of job opportunities for recent graduates in the financial services sector. This career path has a number of benefits, including the ability to expand one’s skill set while building a stellar CV. Additionally, finance jobs are notoriously fast-paced, meaning graduates can expect a steep learning curve. Unlike most industries, where job progression is based on seniority, the finance industry places an emphasis on skill and performance.