A healthy financial services sector allows people to secure their lives. It provides them with the money they need to meet their goals, protect their property and health through insurance, and help businesses grow and expand.
Independent regulatory agencies govern different financial institutions so that they can uphold transparency and treat customers fairly. Two of the most important independent agencies in the financial services industry are the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency (OCC).
The Financial Services Sector is comprised of thousands of depository institutions, providers of investment products, insurance companies, and other credit and financing organizations. It also includes the providers of critical financial utilities such as stock exchanges, clearing houses, and payment systems.
There are four main types of services within the financial services industry: banking, investment, financial advisor, and payment recovery. Each of these has its own distinct set of skills and abilities that must be mastered in order to deliver quality services.
Banks – The first service that the financial services industry provides is banking. This involves depositing money into checking and savings accounts, and lending it out for purchases or payments.
Investment – The financial services industry also offers financial advisory services, which are aimed at helping people and businesses make the most of their money. These services can range from providing business valuations to helping with real estate endeavors, and much more.
The industry is also growing rapidly due to technology innovations. These innovations are transforming the way finance is conducted, opening new avenues for financial services that don’t require a traditional banking go-between.