Financial services are economic offerings from businesses involved in the finance industry. These include banks, credit unions and credit card companies. They offer a range of services, including insurance and investment management.
Banking and other financial services are a major part of the global economy. These services promote economic growth by promoting savings, credit and investments. They also help people make long-term plans and prepare for unexpected expenses.
The global financial services industry is worth $US82 trillion and employs over 10 million people. This sector has become increasingly reliant on technology.
Banks and other financial institutions provide a variety of services, from loans to currency exchange to credit cards machines. Some also offer debt resolution services and exchanges that facilitate stock, derivatives and commodity trades.
Commercial banks guarantee checks and accept deposits from customers, provide credit facilities and advise businesses on mergers and takeovers. Other types of financial services include investment management and structured finance.
Consumer-oriented and customer-focused: Unlike other industries, financial services have to cater to the specific needs of individual or institutional clients. To do this, they conduct continuous marketplace surveys to gauge customer preferences and needs.
Information-based: Unlike other industries, production and supply of financial services have to be done simultaneously. The personnel have to be trained properly so that they can deliver quality service.
In order to remain competitive, financial services businesses need to use a mix of data-driven and human resources. They also need to use content marketing analytics tools that help them understand how their content performs in real time. This allows them to make adjustments immediately and improve ROI.