Financial services are a set of business activities that help individuals and companies manage money and achieve their financial goals. The industry includes banks, credit unions, savings institutions, insurance companies, investment funds, diversified financial firms and a range of other providers. These services include deposit-taking; lending of all types; financial leasing; payment and money transmission services; securities trading; securities underwriting; asset management; auxiliary financial services (credit reference, research, advisory and intermediation).
A number of financial services companies are conglomerates that operate in more than one sector. This allows them to gain economies of scale and reduce risk by diversifying their portfolio of products and services. This has also helped them to retain and attract customers.
Technology has transformed the financial services industry. New tools and services allow people to borrow, invest, save and spend money more easily than ever before. However, many consumers remain unaware of the benefits of these services and struggle with basic money management.
The demand for jobs in the financial services industry is high, and they are generally well-paying. Depending on your role, you can expect to earn between £24,000 and £70,000 per year. As a bonus, job satisfaction is high in this sector. This is largely because of the collaborative environment and fast-paced nature of the work. It is also a global industry, and it’s likely that you’ll have the opportunity to travel as part of your role. This makes it a great career choice for those looking to explore the world.