When people think of financial services, they often think of banks, credit card companies and mortgage lenders. But the industry is much larger than that. It includes the securities market, investment funds, Wall Street and a wide range of other businesses. This sector provides individuals, small businesses, large corporations and even governments with the economic services they need to succeed.
Many of these financial services firms are highly regulated to ensure consumer and investor protection. These services are essential to the overall health of a country’s economy. The presence of these services encourages investment, production and savings. The benefits of these services are reflected in the increased standard of living for everyone.
The different types of financial services available to consumers include insurance, investments, banking, credit cards, and personal loans. In addition to traditional banks, brokerages and asset management firms, the industry also encompasses global exchanges for currency, stock and derivative trading; credit-card networks; and accounting and tax preparation services.
With advances in technology, the financial services industry is changing rapidly. Online banking has made it easier for people to check their bank accounts at any time, and the use of data is helping financial services firms provide personalized customer service. For example, Salesforce customer Spar Nord used Financial Services Cloud Einstein to help its advisors and agents engage with customers across channels in a way that is personal and relevant. The system enables them to make real-time predictions and proactively recommend next best actions, as well as speed up slow manual processes like setting up meetings with clients.