The financial services sector involves the provision of a range of products and services to consumers. The sector plays a significant role in supporting healthy economies, facilitating the flow of capital across the globe, and providing critical functions such as the mobilization of savings, allocating funds to productive investments, monitoring firms and managers, and mitigating risk.
Banking industry – Banks provide financial goods and services including deposit accounts, credit cards, and other consumer financing. They earn revenue primarily from fees, commissions, and spreads between the interest rates paid on loans and the interest charged on deposits.
Investment banks – Instead of lending money directly to businesses, investment banks help firms raise money from other firms in the form of bonds (debt) or share capital (equity). They provide a wide array of financial services, including mergers and acquisitions, underwriting debt and equity, restructuring, and portfolio management.
Conglomerates – A financial services company that is active in more than one sector of the financial services market, such as life insurance, general insurance, asset management, or banking. They may also be engaged in a number of other sectors such as securities research, brokerage services, prime brokerage, and family office.
Customer engagement – Salesforce Financial Services Cloud gives advisors real-time predictive analytics, built specifically for client interaction, which can proactively recommend the next best actions and provide real-time answers to customer inquiries across any channel. It’s also built on a Customer Success Platform that brings Salesforce to the front of advisors’ minds and helps them focus on their clients’ needs.