The financial services industry is a powerful economic force. It drives other industries’ success and standards, while also influencing customers’ needs and expectations. However, the sector has to adapt to new customer demands in order to remain competitive. To succeed in the new business landscape, companies must embrace omnichannel support and deliver consistent customer experience across all channels.
Banks, credit card companies and mortgage lenders are the most visible elements of the financial services industry. But the industry encompasses much more than those three sectors. It includes insurance companies, securities traders, Wall Street, and many other firms that provide a wide variety of money and investment related services. The financial services industry serves individuals, small businesses, large corporations and even governments.
These firms are responsible for ensuring that consumers can get the cash they need when they need it, whether it’s to purchase a home or pay for an emergency room visit. They also provide deposit and investment options, as well as consumer debt management services (e.g., credit counseling, debt consolidation). The financial services industry includes conglomerates that offer multiple services in the sector and banks that specialize in offering products to specific segments of the market.
Careers in the financial services industry are usually lucrative and offer a great deal of flexibility, especially in entry-level positions. Most companies promote from within based on merit, and the ability to quickly advance in a role is often rewarded. Additionally, the rapid pace of change in this field is appealing to many professionals because it allows them to constantly learn new tools and expand their skill set.