Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit-card companies, banks, consumer-finance firms, investment funds and insurance agencies. It also includes debt-resolution services and global payment providers such as Visa and Mastercard, as well as clearing houses and exchanges for stocks, derivatives and commodities.
In addition, the industry provides services that help people and organizations deal with risk. These include insurance, debt management, investment banking and brokerage, and a variety of other support functions such as accounting, taxation, and research. These services are essential to the economy because they provide a means for individuals and businesses to obtain the capital they need to invest in themselves and in others, creating jobs in all sectors of society.
Whether it’s an individual looking to buy a new car or an institution wanting to make a major investment, financial services are the engine that drives the economy. These services are essential for growth because they enable the three main parts of an economy – primary, secondary and tertiary industries – to develop in equal measure, thus creating more employment opportunities all round.
The financial sector is one of the largest in terms of revenue and employment, with thousands of depository institutions, providers of investment products, insurance companies, lending and credit-card companies and critical financial market utilities. It is also home to a vast array of professional services such as accountancy, public relations and systems analysis and design.
A common career path for those entering the industry is to start out in a retail role, such as a bank teller or credit card clerk, and then move up the ranks into an advisory position. This way, you can learn the basics of the business from the ground up and gain real-world experience before moving on to bigger roles with greater responsibilities.
Getting into a position in financial services can be challenging because of the intense competition and high standards that are expected. If you have a strong network that can vouch for your abilities, then you have a better chance of landing an interview and finding success in the industry.
Financial services are a vital part of the world economy, and the more stable it is, the healthier the rest of the market. However, this industry is a complex and ever-changing one, which is why it’s important to stay informed about new trends and developments in the field of finance. Fortunately, Salesforce has you covered with Financial Services Cloud. This advanced suite of customer success tools empowers your front-office to surface key insights for every client interaction, and automates data collection to improve efficiency and reduce risk. It is built on the Salesforce Customer Success Platform and features a customizable set of objects that model financial accounts, transactions and customer goals. It’s ready to use right out of the box.