The Financial Services Industry

Financial services are the economic sector that manages money through credit cards, investments, loans, and more. These are the companies that are the backbone of a healthy economy, and they are vital for individuals as well as businesses. The more they grow, the stronger our national and global economies are. Financial services can be a good career choice for professionals who are willing to learn and work hard. The pay is competitive as well.

In the past, banks were the center of the financial services industry, but regulations made it difficult for them to offer everything consumers wanted. This created the opportunity for other sectors to grow, like money market and mutual fund companies, insurance companies, debt resolution, and payment processing and aggregation services. Eventually the lines between these different sectors blurred, with many companies offering products outside of their original range and acquiring other firms in order to expand their offerings.

A major part of the financial services industry is insurance, which covers unforeseen events that can be very expensive. This includes car, health, home, and life insurance. This type of financial service is very important to have in place, and it can save families from significant hardship in the event of a tragedy or serious illness.

Another popular type of financial service is payment services, which allow sellers to accept credit and debit card payments from customers for a percentage of the total transaction amount. Examples include PayPal, Square, and Rocket Money.