The financial services industry is made up of banks, investment houses, mortgage lenders, consumer finance companies and insurance firms. It advances loans to businesses and individuals so they can expand, gives people mortgages and other housing options, helps them save for retirement and emergencies and insures against the risk of loss. A healthy financial sector enables people and businesses to invest in more projects, which leads to economic growth.

Technology is changing the landscape of the financial services industry, as it has in other industries. For example, some banking companies have moved from a brick-and-mortar model to offer digital features that align with modern customer expectations. However, regulatory oversight of these new features is a challenge as the changes are implemented. At the same time, competitors are launching digital features that challenge existing financial services firms.

In addition, consumers have come to expect more from their financial service providers, with many expecting a wider range of products and services, as well as greater ease of use. This has put increased pressure on traditional financial services companies to improve their offerings to retain and attract customers.

While the job market is challenging in this sector, it’s not impossible to find a position, especially for those who have connections or can provide a strong referral. Getting an entry-level role, such as being a bank teller or working for a community financial counseling organization, can help you learn the ropes and pave the way to your future career goals.