Financial services are the industry sectors that deal with making, investing and managing money for both people and organisations. They range from banks and credit unions to investment funds and insurance companies. They also include credit-card networks and debt-resolution services. These industries are vital to NYC, the nation and the world. Working in the industry means you’re doing something important every day.
While some people may think that a career in financial services will be high stress, that’s not necessarily the case. As a member of this dynamic and growing industry, you can expect a lot of opportunity for growth. You will also work hard, but you’ll have an excellent team supporting you along the way.
Many of the jobs in this field offer competitive salaries and benefits. In addition to pay, employees in financial services can also enjoy health and life insurance and 401(k) plans. Some of these jobs also provide job-related training and mentoring opportunities.
Regulatory bodies are an essential part of the financial services industry. These are independent agencies that oversee different financial institutions and ensure they’re upholding transparency and treating their clients fairly. Two notable examples of a regulatory body are the Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency (OCC).
Another important aspect of this industry is credit-card networks. These are groups that connect banks and credit-card providers to each other and then act as middlemen between customers and the card providers. These networks can be beneficial for customers, as they help them save money by reducing fees that are charged by the card providers.
Other important parts of the financial services industry are credit-reporting agencies, which make credit histories public, and asset management firms, which manage investments for clients. These firms can be beneficial to people who are looking for a way to diversify their portfolios and increase their returns.
One of the most popular and fastest-growing parts of this industry is online banking. This type of service allows people to do their banking at home or on the go, and it is becoming increasingly popular with younger generations. This type of service also allows individuals to open bank accounts without going to a physical branch, which is beneficial for those who travel frequently or have limited time. It’s possible that this service could replace traditional banking completely in the future.