Four Key Roles in the Financial Services Industry
Financial services are the economic activities that support and enable the flow of money in a country. They include deposit-taking, loaning and investing services, as well as market utilities like credit unions, payment systems, and depository institutions. This sector also includes securities firms, brokerage houses, mortgage companies and asset management firms. It is a global industry that is constantly changing and evolving as new technology and tools are introduced.
Traditionally, each sector of the financial services industry stayed pretty separate from one another. Banks offered checking and savings accounts, while lending associations focused on mortgages and auto loans. Brokerage firms provided investment opportunities in stocks, bonds and mutual funds, while credit card companies provided credit cards. But around the 1970s, consumers started demanding more from their financial institutions. They wanted banks to offer more than just checking and savings accounts, and lenders began expanding their portfolio of products to meet consumer demands. This paved the way for financial conglomerates to be formed, where a company offers multiple services rather than just one type.
The plethora of options in the financial services industry can make it difficult to determine what career path to pursue. Fortunately, this sector is known for promoting from within based on aptitude over tenure, so there are many ways to get your foot in the door of this industry. To help you decide what to look for, we’ve outlined four key roles in this industry: