Financial services are all the services and products that are related to money. They include everything from direct savings and lending to investments and redistribution of risk. Banking services are the core of this sector, but it also includes more abstract offerings like credit card companies, notaries, and payment systems. Most people will need at least a few of these services during their lifetime, and each requires different skills and expertise.
The financial industry is all-encompassing today, but it wasn’t always this way. Until the 1970s, each sector of the industry stuck to its niche. Banks provided a place for consumers to store their money, loan associations offered mortgages and personal loans, and brokerage firms gave investors opportunities to invest in stocks, bonds and mutual funds.
But the lines began to blur as banks started offering more of the other products that consumers wanted, and companies merged and expanded their range of offerings. Today, you can get a checking account, a mortgage and a retirement account all from the same institution, and that’s what makes it so difficult to define exactly what is included in financial services.
A career in the financial services industry is a fast-paced, challenging field that can be very rewarding. It doesn’t require an advanced degree to begin, and many employers provide intensive training and mentoring before allowing new employees to take on responsibility. The pay is competitive, and this is an area where businesses are known to promote from within based on merit.