The Finance Industry provides a range of economic services. From banks to credit card companies, financial services include many different types of businesses. Here are a few of the major types of services provided. Read on to learn more. Listed below are the key elements of the Financial Services Industry. Regulatory bodies, Job descriptions, Customer-centricity, and Growth. Getting started in the Financial Services Industry is easy and will make your job easier. However, if you’re new to the industry, here’s some basic information about this important industry.
Regulatory bodies
The federal and state governments have various agencies that oversee financial institutions. These agencies are separate but have similar objectives. Their main role is to regulate the industry to prevent fraud, maintain the efficiency of financial markets and ensure that customers are treated fairly. The SEC, for example, regulates a number of financial institutions, including banks and other lending institutions. The Federal Deposit Insurance Corporation (FDIC) also oversees a number of financial institutions.
The Investment Industry Regulatory Organization of Canada creates rules for the financial services industry in Canada. This body also provides information to investors, including news, regulations, and governance. The IIROC also provides the IIROC AdvisorReport. Canadian Securities Administrators is composed of provincial regulators, and provides information about securities law, investment companies, and savings. The website also contains information regarding investor protection and securities law. These agencies have a wealth of resources for investors and companies.
Job descriptions
Financial services job descriptions are used to describe the main duties and responsibilities of a given job. A financial services job description can be used in banking, finance, insurance, securities, or other industries where financial transactions are a central part of daily business. The duties and responsibilities may vary across organizations, but they all have one thing in common – compliance with government regulations. A financial services job description should highlight specific skills and experience. The following examples will help you write a financial services job description.
In a financial services sales position, you will be responsible for meeting with potential clients to discuss their needs, goals, and investment horizons. You will also develop prospects from existing commercial customers or referrals. You will also be responsible for completing sales forms and recommending various financial products and services, including credit cards, mutual funds, stocks, and check processing. You will be responsible for developing prospects and making sure that your clients are happy with their purchases.
Customer-centricity
Many financial services firms have knowledge about their customers at the account or asset level, but seldom attempt to understand their needs and preferences. By leveraging this information, they can deliver differentiated experiences and align their business models with the needs of different segments. In order to achieve this, some customer-centric banks are using data, next-generation analytics, and adaptive engagement strategies. But more than a quarter of firms don’t have a dedicated customer-analytics organization.
To stay competitive, financial services brands need to be more customer-centric. While customers are profit centres, they are also the ones who have the choice of whether or not to spend or buy. Unless they are willing to take on the risks of changing banks, large financial services companies could simply rely on their inertia to deliver unending paydays. New fintech providers like Monzo are making this much simpler. They have surpassed the 2 million mark in customer base, with more than 30 percent of customers using the platform as their primary bank account.
Growth
The growth of financial services has continued at a fast pace, with financial services accounting for the fastest growth in value added across all service sectors. As a result, this industry is expected to grow to $28.5 trillion by 2025. The expansion is driven by several factors, including the rebounding global economy and reshoring of some services by companies hit hard by COVID-19. Let’s take a closer look at each of these factors.
Financial profits in banking rose significantly faster than the real economy, and the proportion of financial profits to the total profit increased. In the late 1990s, the US stock market’s value exceeded the country’s GDP with a spectacular turnover. Meanwhile, the share of financial profits in total corporate profits rose from 12% in 1948 to 53% in 2001. As a result, banks faced a number of challenges. As a result, they were forced to focus on repairing their balance sheets and increasing productivity and efficiency.