Financial services are economic services that include deposit-taking, loan and investment services as well as market intermediation. They also include a number of services that facilitate monetary redistribution and insurance.
The presence of financial services enables producers to diversify their production to meet the demand of consumers. This in turn helps in economic dynamism. It allows them to utilize their savings in a profitable manner and reinvest in different activities. In addition, it helps in increasing the monetary value of their savings by enabling them to avail hire purchase finance, mutual funds and credit cards. It enables them to get better yield on their investments, and reduces the risk factors by providing them with a variety of insurance policies which minimize risks from unforeseen events such as natural calamities and other such incidents.
Moreover, financial services also help in providing equal distribution of funds to the primary, secondary and tertiary sectors in a balanced way. This ensures that activities of all the sectors grow in a consistent way thus bringing in a balanced growth and improvement in employment opportunities.
There are many jobs available in the field of financial services but one has to first understand the scope of the industry and what he or she wants to achieve from a career in it. According to Ryan Duitch, president and CEO of Arro, a financial services technology firm, “Not all roles pave the path to success for every person.” Therefore, it is essential to understand what type of role is most beneficial when considering a job in the field of finance.