The financial services industry is an incredibly powerful force. It’s not only a huge economic driver, but it drives the success of many other industries through its practices, standards, and operations. The industry is comprised of thousands of depository institutions, providers of investment products, insurance companies, and credit and financing organizations.
It’s hard to imagine a world without financial services. The industry makes it possible for people to invest in businesses and projects that may yield future returns, for consumers to purchase homes, cars, and other assets through loans and leases, and for business owners to take out loans to grow their business.
With so many moving parts, the financial services industry can be a challenging place to work. However, if you are able to master the art of the deal and develop your interpersonal skills, you can enjoy an extremely rewarding career in finance.
The industry was once dominated by big banks that offered a range of products to their customers. But with consumer demand and the rise of new technologies driving change, these big players are being forced to adapt in order to compete. One way to do this is by buying up smaller companies and combining them under a single brand. This is happening more frequently as companies strive to offer a full suite of financial services to their customers. One example of this is the US neobank Chime, which provides fee-free credit and banking services through its mobile app.