The financial services industry includes everything from banks and credit-card companies to credit-rating agencies, investment funds and individual managers. It also encompasses global payment systems, debt resolution services and the organizations that support stock, commodity and derivative exchanges. The industry provides a vital function that enhances the lives of most people. However, the 2008 financial crisis revealed that banks, insurance companies and investment managers had lost touch with customers and had little accountability for their actions. The resulting disconnect led to widespread misconduct. A strong sense of external purpose can help preserve good behaviours by connecting employees to customers and the real outcomes of their work.
The presence of financial service is very important as it helps in lowering the vulnerability of individuals by providing them with various facilities like transferring money, saving and investing and protecting them from some causalities and also gives assistance for the business to expand their business both nationally and internationally. It also helps in developing the economy as it supports in the formation of new businesses and increase the efficiency and production by granting them with affordable loans.
There are many job opportunities available in the financial service sector as it involves a wide range of sectors which include banking, savings and investments, debt and equity markets, credit rating agencies, consumer-finance companies, accountancy firms, stock brokerages and other independent management companies. The industry is present in all economically developed geographic locations, tending to cluster in local, national, regional and international financial centers.