A healthy financial services sector is vital to any economy. It provides people with access to loans for homes, cars and education, allows businesses to grow and expand through investment and financing, and protects assets from loss through insurance. It also helps people and companies save for retirement, investment and other goals, as well as manage their debts.
The industry includes central banks; depository organizations such as commercial banks, building societies and mortgage banks and companies; credit unions; savings and loan associations; the national insurance and pension funds; financial intermediation firms (e.g., securitizers and investment firms); leasing companies; hire purchase and the provision of personal and consumer credit; and other financial intermediaries. It also includes asset management firms, such as hedge funds and mutual fund companies.
Customers’ needs and expectations are evolving rapidly. They want to be treated as partners, not merely transactional customers. As a result, they expect personalized experiences on their preferred channels. In addition, they are challenging traditional business models by demanding instant response and resolution. This is driving a need to create new capabilities to deliver on these expectations, as well as accelerate digital transformation.
A career in financial services can be rewarding for those who have the right skillset. Many financial services organizations are invested in the development of their employees, and they are known for promoting from within based on merit. Additionally, there are a lot of opportunities to move around the industry, as it is quite broad and diverse.