When thinking about financial services, we often think of banks, mortgage lenders and stock brokers. However, the industry also encompasses a wide array of other professionals and products. Financial services include investment banking, securities trading and investing, Wall Street, accounting firms and even debt resolution companies. They serve small businesses, large corporations and even government entities.
A healthy financial services sector provides individuals with loans for homes, cars and college. It allows them to save for retirement and other needs and protects their health and property through insurance. And it gives businesses the cash they need to expand and grow by providing them with credit.
Financial services firms are highly regulated and must comply with strict rules and regulations. These standards ensure the protection of consumers, investors and shareholders. They also help to keep interest rates low and promote growth. These factors make financial services a very attractive industry to work in.
Financial services can be challenging to master, as there are many different types of financial services available to consumers. The four main areas of financial services are deposit-taking and lending of all kinds, payment and money transmission services, securities trading and securities underwriting, and investment management and other auxiliary financial service (including advisory, intermediation and brokerage). Investing in the right technology and tools for your business can improve your customer experience, improve your efficiency and increase profitability. For example, Spar Nord, a Nordic bank, uses Salesforce Financial Services Cloud Einstein to deliver more personal and relevant interactions with customers. This helps them to better understand their customer’s needs and behaviour, while digitalising slow manual processes.