Financial services are a critical part of everyday life. They help people save money, earn money, and make more money. These services are offered by financial institutions, banks, credit unions, and community banks.
The Financial Services Sector includes insurance companies, providers of investment products, financial market utilities, and other credit and financing organizations. There are many different opportunities in the financial services industry, so it’s important to choose a career path that’s right for you.
Insurance is a major subsector of the financial services industry. It is the safety net that helps protect you from property damage, injury, and death. Several types of insurance are available, including health, casualty, life, and property.
The industry is highly dependent on information technology systems. It’s also reshaping as more digital distribution platforms are introduced. Banks are becoming cloud-based, which means more firms are supplying financial services to customers.
Many companies in the financial services sector are nonprofits. In addition to providing financial services to the public, some of these organizations offer counseling services and money management advice to the communities they serve.
Unlike most industries, the financial services sector is under the regulation of various government bodies. Regulatory agencies monitor the growth of the economy and protect the public.
Some of the key regulators in the financial services sector include the Financial Industry Regulatory Authority (FINRA), the Office of Comptroller of the Currency (OCC), and the Insurance Regulatory and Development Authority (IRDA). All of these institutions are involved in making sure that the financial services sector is operating in a manner that is fair and ethical.
