Financial services are economic services provided by the finance industry. This industry encompasses many different kinds of businesses, from credit unions to banks and credit-card companies. The services of financial institutions are indispensable to the world economy and provide a variety of benefits for consumers. These institutions are responsible for helping people make and maintain budgets, manage money, and invest in stocks, bonds, and other securities.
Financial services also assist in facilitating economic growth. By making investments more accessible to the public, financial institutions can earn profits, which in turn helps them create more demand for consumer products. In addition, financial institutions help companies increase their capital and expand their businesses. This ensures a balanced economy. Financial institutions also assist with promoting saving and investment activities.
If you’re interested in a career in financial services, consider networking and building connections. Having connections in the industry will increase your chance of landing an interview and breaking into the field. People you know can vouch for your character and skills, which could help you become an investment portfolio manager or a financial advisor. You can also start in an entry-level role and build your skills over time.
Before the 1970s, the financial services industry had different specialties. For example, banks offered checking accounts and loan associations provided mortgages and personal loans. Investment companies offered stock and bond services. Then there were credit card companies. In the 1970s, the lines between these industries began to blur. Eventually, many companies merged and became conglomerates.