The financial services sector is a vital part of our economy. It facilitates banking, investments, credit card transactions and loans to help people manage their finances better. If the sector doesn’t work properly, it can lead to a recession and damage the economy.
Banks – Deal with money and loans
The biggest service banks provide is the deposit of money into your account. They also offer a range of other financial services including lending your money to others.
Asset management – This industry mainly deals with the management of pensions, insurance assets and other investment portfolios. It includes hedge funds, mutual funds and other types of investing.
Insurance – This is another type of finance that helps protect you from large expenditures like medical bills and mortgages. It’s also a way to save for the future.
Regulatory agencies – These are independent bodies that oversee different financial institutions’ operations and ensure they operate in a fair and ethical manner. These agencies include the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency.
Angel investors – These are individuals who are wealthy enough to invest in start-ups and small businesses. They often buy a percentage of the company and take some control.
Globalization – A growing number of firms in the finance industry are international organizations and may need to hire people in various countries. This can result in a lot of relocations, but most firms are willing to accommodate this.