Financial services is an economic industry that includes businesses that manage money like banks, credit-card companies, credit unions, and insurance agencies. These services enable individuals to invest in companies and products that create economic growth, which is beneficial to everyone. These financial services also enable consumers to obtain consumer products by hire purchase or loans. This allows producers to produce more products and earn profits in turn, which incentivizes production and saving. The financial sector is regulated to ensure transparency and fairness in transactions.

Today, the finance industry seems all-encompassing – banks not only provide a place to hold checking and savings accounts but also offer mortgages, auto loans and credit cards. However, this wasn’t always the case – each sector of the industry once stuck to its own specialty.

Regulatory bodies oversee various industries and industries within financial services include credit-rating agencies, securities exchanges and market makers, and investment funds. These independent bodies work to keep up the standard of financial institutions, uphold transparency and make sure that clients are treated fairly.

Managing your finances isn’t easy, especially with the COVID-19 pandemic and the rising cost of living. Yet, technology is transforming the way people save, spend and invest. This is creating a new normal where profits and purpose are linked and financial wellbeing is a priority for companies. And with that, there are enormous opportunities for leaders to build a financial services future in which people can thrive.