Financial services is a broad term that covers all economic services associated with money, including credit unions, banks, mortgage lenders, investment advisors and stockbrokers. It also includes the insurance industry and credit-card companies. The financial services industry plays a critical role in the economy. The sector has a large impact on individuals’ ability to save and invest, which in turn drives production, consumption and employment.
The financial services industry is incredibly diverse. This makes it hard to know where to start when exploring a career in the industry. However, there are some entry-level positions that can provide a good foundation. These positions typically involve customer-facing roles such as customer service and sales. Other roles may require more in-depth knowledge of the industry, such as asset management and capital markets.
Providing a variety of consumer products like hire purchase, leasing and housing finance that improve the standard of living and encourage savings. This is a crucial part of the tertiary sector of a developed economy.
The financial services industry is working to become a new normal, one where profits and purpose are aligned. This has been a priority for the industry since the 2008 financial crisis, and continues to be an area of focus. However, there is still much work to be done to build trust and change the culture of the industry. To achieve this, a holistic approach is required, focusing on both the hard and soft factors that drive behaviour and decision-making in the industry.