The Financial services industry is a broad range of industries and businesses that provide people with the ability to purchase goods and services through credit. These businesses include banks, insurance companies and securities traders.
Increasingly, the sector is attracting new customers through digital technology. This includes millions of previously unbanked people who have now gotten access to a bank account via the use of mobile phones or other digital technology.
In addition to serving the general public, financial services also serve corporations and governments. These businesses are regulated by the government, and they must ensure that their products and services meet the requirements of customers and their regulations.
There are several types of businesses in the financial services industry, including banking, investment, insurance, and remittance. Each of these categories requires a unique set of skills and qualifications.
Retail banking – These firms specialize in consumer and personal banking, including checking and savings accounts, mortgages, loans, credit cards, and certain investment services. These institutions typically earn their revenue by charging interest on deposits and a spread on loans and other debts.
Commercial and business banking – These firms deal with small and large businesses. They offer the same kinds of financial services that are offered by consumer or retail banks, but they often have more sophisticated products and services.
Finance and risk management – These firms specialize in helping companies manage their risks and make informed decisions about investments. They also help businesses with accounting and tax issues.
The industry has a wide variety of roles and responsibilities, so it’s important to understand the specific role you want before applying for a job in this field. For example, you may be an account executive in a retail bank, or a portfolio manager in an investment company.
Professional development and job satisfaction – Many employers in the financial services industry offer training programs, mentorships and other resources to help employees advance their careers. They are also more likely to consider hiring candidates who have completed a relevant degree program and who are willing to put in the time and effort to learn their jobs.
Pay and benefits – The average salary for a financial services professional is about PS45,000. The industry is very competitive, and it’s possible to earn a high five-figure income after a few years in this career.
Job mobility – Most financial service professionals work for international companies, so it’s likely you’ll have opportunities to travel and transfer within the organization. You may be able to work from home or another office location while traveling.
You’ll need strong interpersonal skills if you work in the financial services industry. This means you’ll need to be able to communicate effectively with customers, vendors and other colleagues.
The financial services industry is a growing one, with more than 1.2 billion adults worldwide now having an account, according to the World Bank. This represents a major shift in the way people manage their money and provides businesses with a significant source of growth.