Financial services is a broad industry that encompasses banking, insurance, payments and technology. It is a highly competitive space, with both legacy banks and emerging challengers vying for customers.
The industry is undergoing rapid change as it responds to new customer demands, regulatory pressure and the need to innovate. In this environment, a strong sense of purpose can help preserve good behaviours and values. It can also create accountability for delivering on regulatory and societal expectations.
Debt resolution – Assistance for consumers who are struggling to pay off debts accrued through personal loans or credit cards. Investment management – Responsible for managing investments on behalf of clients, typically including stocks and bonds. Financial market utilities – Organizations that provide a backbone for the financial services industry, such as stock and commodity exchanges, clearing houses, derivative and commodity trading systems and payment systems. Private equity funds – Provide investment capital to companies in return for ownership stakes and profit participation. Venture capital – Gives funding to early-stage start-ups in return for an ownership stake in the business.
Commercial finance – Gives a company the ability to borrow money for various activities like buying new equipment, vehicles or tools; constructing new facilities or buildings; or taking on new staff and apprentices. Financial institutions can facilitate this by offering a range of commercial loan products such as hire purchase finance, factoring and leasing.
Financial solutions – A collection of bespoke services provided to businesses which include complex transactions, lender negotiations, accelerated M&A and capital raising. Private equity firms, venture capital providers and angel investors are examples of those who offer this type of service.