The Financial Services Industry
Financial services are a vital part of our daily lives. Without them, people would not be able to save or borrow money when they need it.
Banks, credit unions, and other financial institutions accept deposits from customers, pool them together, and then make loans to those who need them. They also offer investment products, such as mutual funds, and provide payment systems.
Insurance is another important subsector of the financial services industry. It protects people from death or injury and covers the costs of large expenditures that could be unexpected.
Accounting professionals help individuals and small businesses keep accurate accounts and tax documents that are required by law. They also work with individuals who are interested in a career in finance and want to learn more about the field.
Regulatory bodies are independent agencies that oversee different companies in the financial services industry to uphold integrity and fairness. Two key regulatory bodies within financial services are FINRA and the Office of the Comptroller of the Currency.
The financial services industry has gone through a great deal of turmoil in recent years, but this may be about to change. A new structure is emerging with digital distribution platforms, new product providers, alternative sources of capital and a growth in outsourcing fundamentally reshaping the industry.