Careers in Financial Services
Financial services encompass a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy firms, stock brokerages, investment funds, individual managers and some government-sponsored enterprises. In economic terms, financial services companies help develop and maintain economies by facilitating production in various sectors, such as manufacturing, retailing, service industries and tourism.
The financial industry is dominated by banking institutions, but it also includes insurance companies, asset management and stock brokerages. The sector is a large and diverse group, ranging from local community banks to multinational conglomerates.
Many countries have made significant strides in financial system reform, reducing barriers to entry and lowering product limits. This has been driven in part by the dismantling of regulatory barriers separating banking, insurance and securities activities.
Integrated financial services provision (IFSP) is the norm in most developing countries, with no or few restrictions on banks’ ability to offer securities, asset management and insurance products in addition to commercial banking services. Market forces have also influenced the development of IFSP, as investors disintermediate bank assets and liabilities through capital markets transactions.
The benefits of a career in financial services include excellent interpersonal skills, and the ability to work in many different locations. Professionals in the finance field often rate job satisfaction between 9.6 and 10 on average, according to an ILO study.
The financial services industry is highly dependent on technology. IT systems are crucial for delivering a seamless experience to consumers and helping firms track their finances. Salesforce’s Financial Services Cloud helps agents and advisors adapt to regulatory changes, while offering a personalized experience across all channels.