Types of Financial Services
Financial services are economic services that are provided by the finance industry. This industry covers a large range of businesses and includes credit-card companies, banks, and credit unions. These companies help individuals and businesses manage their money and save for their futures. They also provide many other important economic services to society. Read on to learn more about the different types of financial services.
Commercial banks offer a variety of financial services, including checking accounts, savings accounts, and credit cards. They also offer investment opportunities and underwrite private and public sector debt. They also advise companies on mergers and takeovers. Structured finance companies develop complex products for high net worth individuals and institutions. Investment management firms help individuals and companies manage their assets to meet their investment goals.
The financial services industry is experiencing a disruption due to new technologies. Legacy institutions are facing the challenge of adapting to these changes and risk being replaced by more innovative competitors. Currently, the financial services industry is categorized into two main segments: personal/consumer financial services and corporate financial services. Some companies focus on both categories while others specialize in a single area.
In this field, networking is a hugely important skill. Having contacts in the field increases your chances of getting an interview and breaking into the industry. Moreover, people you know can vouch for your abilities and character. Once you’ve made connections, you can apply for a variety of entry-level jobs in the financial services industry and build your skills and knowledge on the job.