Regulatory bodies
Regulatory bodies for financial services oversee the industry in their respective countries. They can be found in France (the FDIC), Belgium (the BAFin), France and Germany (the AMF). In addition to their national regulators, there are also international bodies that monitor the financial industry. Some examples of these organizations include the Federal Deposit Insurance Corporation and the Federal Financial Institutions Examination Council. Some are even international. In some cases, there are even multi-national organizations that oversee certain aspects of the financial services industry, such as the Bank of Canada.
Business models
The marketplace phenomenon has been around for some time now, but has only recently become prominent in the financial services industry. Powered by digitization, data and open innovation, this model connects product and service businesses with consumers in a way that increases their ability to market and add value. The goal of the marketplace business model is to offer consumers choice and control over their financial services, which has been the primary driver of its growth. Despite the growth in the financial services industry, the marketplace model is still largely untapped by many financial institutions.
IT systems
IT systems in financial services are complex and constantly evolving. Legacy systems can fail, or human error can cause operational disruption. Cyber risk is a major concern for the sector, with attacks increasing in speed, intensity, and complexity. There is an urgent need to improve IT security across the sector. In this article, we will examine some of the challenges banks and regulators face. Let’s look at some of the top priorities for banks and regulators in 2018.
Careers
There are countless benefits to careers in financial services. These positions typically pay more than other fields and are among the best paying. Entry-level positions in this field also allow you to make rapid advancements in your career. Even if you have little experience, you can expect a significant increase in pay after a few years in the field. So, what makes this industry so desirable? Read on to learn about the advantages of careers in financial services.
Costs
Various types of financial services vary in their cost. Cost of funds refers to the amount of money that financial institutions pay to the Federal Reserve bank in exchange for money. Lower costs mean better returns for banks, and higher costs mean higher interest rates for consumers. Many banks make money on the difference between these two costs and interest rates and pass them on to consumers. Listed below are some common types of financial services and their costs. Read on to learn more about these types of financial services and their costs.