Financial services include all of the products and services that are designed to help you manage your money. Those products range from banking to investment services to insurance.
Banks and other financial institutions are critical to people’s lives. They provide a place for you to hold your savings and checking accounts, and they also lend you money when you need it.
The industry is a largely digital one with many different stakeholders and moving parts. From credit card issuers and processors to legacy banks and emerging challengers, all are trying to sharpen their technology and expand remote services.
Insurance is a part of financial services because it protects you and your assets from things like death or injury. Insurance brokers search for and negotiate rates, and underwriters create the policies you purchase.
Accounting is a part of financial services because it keeps you and your company’s finances in order. Keeping proper accounting records can make you more money in the long run.
Brokerage is a part of financial services because it helps you trade stocks, bonds and mutual funds. Some brokerage firms offer other financial products as well, such as retirement planning or 401(k) plans.
Private banking is a part of financial services because it provides banking services only to people with high net worths. These firms charge a fee for their services and require a certain net worth to qualify.
The financial services industry is a complex one with many different industries working together to keep people safe and make sure they can get the things they need when they need them. As a result, it has become an important sector of the economy.