Financial services are the economic services provided by the finance industry, which encompasses a broad range of market sector firms that provide money and investment management. These include banks, credit unions, credit-card companies, insurance providers, and securities brokers and dealers. Financial services are a vital part of the global economy, and the industry is constantly evolving to meet the needs of consumers and businesses.
This evolution is often driven by technological advances, which have made it possible for a wide range of financial products to be offered over the internet. In addition, regulations are adjusting to reflect the new realities of financial services. For example, the coronavirus pandemic has led to greater emphasis on risk-awareness among all stakeholders in the financial services industry.
The growth of the service sector in a country is considered as one of the main signs of development. The tertiary or service sector grows faster than the primary and secondary sectors. It is in the tertiary or service sector that a nation is able to make the most of its human resources and also increase the standard of living. It is in this sector that the financial services help an individual to acquire various consumer products through hire purchase or housing finance and it also helps in building savings.
Careers in the financial services can be stressful and require a significant amount of travel. Many people in these positions must also work long hours, which can lead to burnout and lower productivity. It is important for financial services leaders to develop a holistic culture that includes both financial and non-financial incentives to promote desired behavioural outcomes.
