Financial services is a massive industry that encompasses everything from banking to investments. It’s an industry that has a lot of room for growth and advancement, so there are plenty of reasons to consider a career in it. We at Phyton Talent Advisors work with professionals in the sector on a daily basis, so we know that it can be quite lucrative and offers a nice balance between a professional and personal life.
There are four main types of financial services: depository services, credit intermediation, investment services and asset management. These services enable individuals and businesses to save and invest their money, obtain credit (loans and credit cards), purchase goods and services and manage their finances. The market includes financial institutions such as banks, credit unions and insurance companies, as well as stock markets, bond and derivative exchanges and payment systems.
Depository services include deposit products such as checking and savings accounts, as well as certificates of deposits. Credit intermediation entails lending money and evaluating creditworthiness for loans such as mortgages, car loans, business loans and working capital. Investment services provide advice and access to investment funds like stocks, bonds and mutual funds. Finally, asset management is the process of managing a client’s investment portfolio to achieve their financial goals and objectives. The line between the different sectors of this industry is increasingly blurred, with many financial firms offering a wide range of products and services. This trend is driven by customer demand, the changing regulatory environment and increased competition from new entrants in this space.