Financial services is a large and diverse industry that includes everything from banking and insurance to credit card processing and digital finance technology. It also encompasses a number of different stakeholders and moving parts, from credit-card issuers to credit-rating agencies to global payment networks like Visa and Mastercard.
Banks, brokers and mortgage lenders are all considered part of the financial services industry, but so are insurers, investment firms, securities traders and Wall Street. The financial services industry is essential to our everyday lives because it allows individuals, small businesses, corporations and even governments to obtain the money they need to function.
While it is possible to succeed in the financial services industry without a college degree, having one can greatly speed up your career progression. This is especially true for positions that focus on sales, since a lot of the work in this field involves building relationships and trust with clients.
The financial service industry is an important part of a country’s economy because it helps to mobilize the public’s savings and investments in order to support economic growth. It can also help in reducing the income gap between rich and poor.
This industry also includes independent regulatory agencies that oversee various financial institutions and ensure they operate fairly and transparently. These include the Financial Industry Regulatory Authority and the Office of the Comptroller of the Currency. In addition, the financial service industry is a key source of employment for many people in the United States.