Financial services are all of the things that touch your money, from banks and credit card companies to investment firms and insurers. And while the industry may sound complex and overwhelming, there are some ways to break it down to find a role that suits your skills and interests.
Financial institutions help individuals and businesses manage their finances by offering deposit accounts, credit cards, mortgages, and other lending products. They also provide payment services such as processing electronic fund transfers and managing payment systems. Other financial services include wealth management, which involves providing investment advice and guidance to clients to help them meet their financial goals. Financial market utilities are those organizations that operate the infrastructure of the financial industry, including stock exchanges and clearing houses. They also provide payment services such as real-time gross settlement systems and interbank networks. Debt resolution is another financial service that helps individuals with too much debt pay off their balances as they desire without filing for bankruptcy.
Banking is a foundation of the financial services sector, and its role in a country’s economy is well-known. Banks collect deposits from people with extra money, pool them together, and lend it to those who need funds. As the world becomes increasingly digitized, digital gig work is making a big impact on the financial services industry, with consumers opting to manage their own finances online rather than visit brick-and-mortar branches. As a result, many established financial institutions are finding it challenging to keep pace with consumer demand while adhering to strict regulatory requirements.
In contrast, new players are gaining momentum by offering digital features and convenience, causing some established companies to lose market share. For example, Apple’s launch of the Apple Card and Amazon’s plans to offer its own credit and debit cards at retail locations have the potential to cut into revenue from credit card issuers, which rely on interchange fees from merchants to cover costs.
There are pros and cons to a career in financial services, but the bottom line is that this is an exciting and rewarding industry. There are always new opportunities, and you will often be exposed to high-profile clients. Many jobs in this sector involve networking and collaborating with different people, so it’s not unusual to make lifelong friends in the City.
However, this industry is notoriously competitive and requires a high level of technical knowledge and expertise. It’s important to start your career in a role that will allow you to learn and progress quickly. This could mean working in a smaller firm where you can get hands-on experience and receive extensive training. It’s also beneficial to have a strong network, especially in this field, as it can open up many doors for you. You can find a wide variety of roles within this sector, from junior to senior positions. You can even start out as an intern and work your way up! Find your ideal job in this lucrative industry by searching our extensive list of opportunities.