Financial services include the activities of banks, credit unions, stock exchanges, investment firms, insurance companies and other businesses that deal with money management. This industry supports the economy and provides individuals with access to credit, investments, savings and other products that protect against financial loss and uncertainty.
As the financial sector continues to evolve and grow, the lines between different types of financial services are becoming increasingly blurred. The term “financial services” used to encompass only savings and lending, but now includes asset management, investment banking, securities trading, wealth management and other services that help people manage their money.
Banks are at the heart of the financial services industry and remain the largest providers of consumer and commercial banking, providing deposit and withdrawal services, loans and other forms of credit. They also offer a wide variety of other products and services, such as checking accounts, mutual funds, brokerage firms, and mortgage lenders. Banks generate revenue through fees, commissions and other methods, such as the spread on interest rates between loans and deposits.
The diversified nature of the financial services industry makes it an attractive career choice for people with a range of skills and experiences. The ability to understand complex products, make decisions under pressure and work well with numbers is essential for anyone who wants to excel in this field. The work is highly remunerative, too. The average salary for a professional working in financial services is nearly double the national average.
For those who wish to diversify their portfolios with additional investments, asset management firms can provide advice and guidance. These companies are expert at selecting investment options and constructing investment portfolios that meet client goals and risk tolerance. They can also help with tax planning, estate planning and other aspects of wealth management.
Individuals who are juggling debt may need the assistance of a debt resolution service, which works with creditors on behalf of clients to help them pay off outstanding balances. This can have a positive impact on a person’s credit score and can be an effective way to regain control of finances.
In addition, digital payment services are another area of the financial services industry that is growing rapidly. Tech giants like Apple and Amazon are entering this space with their own card offerings, offering a level of convenience that appeals to consumers. They are also able to attract merchants by saving them the cost of interchange fees, which are a major source of income for issuers and networks.
A healthy financial services industry is vital to NYC and the global economy. By joining this exciting and influential industry, you’ll be contributing to the success of a city that is renowned for its world-class business acumen. Start your career in banking, wealth management or insurance today and become a part of something special. It could be the most rewarding decision of your life.