Financial services is a broad industry that includes banking, mortgage lending, insurance and many more. It’s a great place to get a career because it can be very rewarding, and it also offers opportunities for growth.
There are thousands of different companies and organizations that make up the financial services sector. These include banks, investment firms, brokers and credit card companies.
Banks are the places where people deposit money to keep it safe and secure. They are also where borrowers can borrow money to purchase homes, cars or any other large purchases. The banks must keep 10% of the deposited funds on hand to meet Federal Deposit Insurance Corporation (FDIC) reserve requirements.
Brokers sell investment products like stocks, bonds and mutual funds. They also work with individual consumers to help them invest their money.
Loan associations provide mortgages, personal loans and other forms of financing. They are not to be confused with mortgage lenders or credit card companies that only offer credit cards.
The financial services industry also provides small businesses, nonprofits and the government with the necessary finance to grow and succeed. It is an essential part of the economy, and it power’s New York City’s growth every day.
The financial services sector is regulated by independent agencies that oversee and ensure transparency among its members. These agencies also ensure that the industry maintains its integrity and does not harm consumers.
