Financial services are the economic services provided by the finance industry, which encompasses a broad range of service sector activities. Financial services are a key contributor to national economies, and their success is correlated with overall economic growth. At the same time, the industry has a lot of clout and its extragovernmental sphere of influence makes it a target for criticism and protests.
The financial services industry includes many different subsectors, which include investment banking, commercial banks, credit unions, and credit-card companies. Additionally, it includes mortgage brokerage firms, insurance agencies, and consumer credit reporting. These companies offer a wide variety of products and services, including lending money or providing credit to individuals and businesses, investing in stocks or other assets, and managing wealth.
In addition to these commercial services, the financial services industry also comprises non-profit organizations that provide counseling services and advice on money management. Some of these organizations are based in communities and focus on helping people manage their finances, while others are backed by major foundations or charities.
The global financial services industry is growing, and the demand for skilled workers in the sector is increasing as well. However, there are some challenges to the industry that need to be addressed. For one, the financial services industry is heavily regulated, and there are often conflicts between government regulations and the needs of consumers. Also, many jobs in the sector are stressful and require long hours. The work-life balance for people in these roles is challenging, and burnout can be a serious problem.