There’s not much that we can do without money these days, and as a result there is no shortage of people looking to make their way into the financial services sector. Whether it’s banking, wealth management or insurance, the opportunities for career growth in this industry are almost endless.
Besides making it possible for individuals to buy what they need, the financial services industry also helps them avoid debt. This is one of the most important ways that financial services help a country’s economy grow. When a nation’s financial system is strong, citizens earn more money and are better able to manage their finances.
In addition to the usual banking services of handing deposits into checking and savings accounts, banks also provide other types of financial services such as loaning money (debt and mortgage lending), investing in stock and commodity markets, and payment systems including real-time gross settlement systems or interbank networks. In the case of banks, about 10% of the money deposited must stay on hand for security reasons, but the rest can be borrowed by customers for various purposes.
Many financial services firms are highly focused on the use of technology. These companies often rely on computers to assist in all aspects of their business, from managing customer data to automating workflows. As new tools are introduced seemingly every day, employees in this industry must stay up to date on the latest technological trends. It is a career path that rewards those who are willing to learn and adapt to change.