Financial Services
Financial services are a broad group of companies, organizations and individuals involved in providing products and services to consumers and businesses. This includes credit card companies, banks and credit unions, credit-card network providers, mortgage lenders and brokers, investment firms, insurance companies, and a number of other related entities.
Consumer finance companies help consumers afford products and services through payments made in installments over a fixed period of time. This includes credit cards, auto loans and mortgages. It also encompasses consumer-focused payment firms such as American Express, which offers various charge and credit card options accompanied by rewards programs. Consumer finance also includes personal and student loan services, which allow people to obtain money to pay for school, buy a home or car, or cover other expenses.
Banks and other financial institutions act as middlemen between depositors (who provide funds to a bank) and borrowers. They also provide financial planning services, investment banking (underwriting debt and equity for companies to raise capital) and structured finance, which creates intricate derivative products for high net worth individuals and institutions with more complex financial needs.
Other companies in the financial services industry include debt resolution services, global payment systems such as Visa and MasterCard, and securities exchanges that facilitate stock, commodity, bond and other trading. They also provide data analytics and risk management tools, as well as accounting and tax filing services. The industry is constantly evolving to keep up with the latest technologies and the changing demands of customers, so professionals in this field must continually learn and grow their skills.