Financial services is an umbrella term used to describe all the various kinds of financial institutions, companies and products that are involved in making, investing and managing money. It is an extremely broad sector that encompasses everything from banks and insurance providers to payment systems and digital banking technology.
The financial services industry is the engine of a nation’s economy. Without them, it would be nearly impossible for individuals to save for the future or borrow from lenders when needed.
These services help people to improve their standard of living and also promote their business activities by increasing sales. They also enable consumers to buy essential and luxury goods like a car, house or an aircraft with the aid of hiring purchase and lease finance services.
Investment banks are a specific subsector within the industry that focus on facilitating large-scale corporate transactions, helping businesses raise capital and investing in new startups. They also offer debt and equity underwriting, restructuring and investment management services.
Insurance is another major segment of the financial services industry, providing protection against property damage and liability. It also includes reinsurers, who sell coverage to insurers.
The financial services industry has a reputation for being a great place to work. Its professionals tend to be very satisfied with their jobs and they often have opportunities to travel around the world as part of their job duties.