A healthy financial services sector is essential to a well-functioning economy. It allows individuals to secure loans to pay for mortgages, cars and education and safeguards their property and health through insurance. It also allows businesses to grow and expand by providing them with the capital they need via banking services such as deposit accounts and credit cards. Additionally, it employs millions of people with steady paychecks and benefits.
While most think of banks and credit card companies when they hear the term “financial services”, there are many other firms that fall under this category. These include investment agencies and stock market brokers. However, it is important to note that these firms only provide intermediate financial services and do not produce end goods. In economic terms, an orange is a consumer good but it is only considered part of the financial services industry if you buy it from a deli and use it to make juice.
The finance industry is incredibly diverse with numerous career paths and growth opportunities for those interested in working in it. Whether you’re interested in investing, lending, insurance or any of the other areas within the financial services sector, there is sure to be an opportunity that will fit your skill set and interests.
For example, an accounting professional can help small businesses keep proper records and file accurate taxes. These professionals can also assist with financial planning to maximize the growth of a business. Insurance professionals can help families and individuals get the coverage they need to safeguard against life’s uncertainties. They can also advise on retirement and savings options.
Other financial services companies specialize in wealth management, a form of investment that caters to high net worth individuals and families. These firms offer a full range of investment and banking services, such as wealth management, brokerage, private bank, family office and asset management.
Financial services companies can be found all over the world and are a vital component of every economy. As the industry continues to evolve and become increasingly digitized, it is becoming easier for people to manage their finances on their own rather than relying on traditional brick-and-mortar establishments.
In addition to expanding remote banking services, the financial industry is leveraging artificial intelligence (AI) to help them provide personalized customer experiences. For instance, Spar Nord utilised Salesforce Financial Services Cloud Einstein to enable their employees to provide real-time predictions and answers to customers from any channel. This has reduced the time needed for an employee to process a customer’s request and increase the number of interactions each agent can have with customers. Moreover, the AI solution has enabled them to adapt quickly to regulatory changes in terms of lending and mortgages. The result is a more personal and relevant interaction that has helped to reduce the number of customer contacts for each individual agent while increasing the overall service level.