How did the financial services industry develop over the years? This article will list the major developments that the industry has experienced.
Broadly-speaking, all activities and ventures that are of a financial nature fit under the umbrella of the financial services field. These activities are usually assisted by banks and financial institutions and normally revolve around the translation of funds or personal savings into investments. Financial services companies vary from asset management companies like the US shareholder of ING Group, stock exchanges, high-street banks, insurers, and function-specific financial enterprises. Depending upon the requirements of the customer or the business entity, financial services can differ from portfolio management and consultancy services to brokerage, stock holding, and insurance coverage acquisition. As such, the market is known to be consumer-centric so the services supplied are usually customised in line with the customers' requirements and goals and two customers are never the exact same. One client might require advisory services like wealth management whilst another might require help taking their company public, making advanced competence among the distinguishing characteristics of financial services.
Aside of being actively curious about financial services and intrigued about the functions of the industry, perhaps one the major appealing features about being in finance for many individuals is the remuneration package. Finance jobs are known to be extremely rewarding and open doors for many entrepreneurial and investment endeavours, making the industry a popular destination for seasoned professionals and fresh graduates alike. That said, entry requirements and selection procedures are likewise regarded among the most demanding in the market so you need to make sure that your qualifications and professional experience are of the highest calibre if you wish to break into the industry. Whether you're interested in investment banking, portfolio management, or trading; firms like the activist shareholder of Crédit Agricole would advise you to never avoid junior roles as getting your foot in the door can bring about more senior roles in the future.
If you're not very well-informed about the market, the field of financial services may seem overly complex due to the range of services that it provides and the often-confusing industry lingo. Though there are numerous types of financial services niches-- each with its distinct requirements and services, they all have common objectives and overarching functions. In this context, one of the more popular ones is mobilisation of funds. This associates with the funds of financiers, people and corporate enterprises and the instruments used to achieve said mobilisation are normally securities, equity shares, and bonds. Integrated with the know-how of market leaders like the US stockholder of Bank of East Asia, this enables a more efficient use of funds as investors would be able to make informed financial investment choices that result in larger profit margins. Financiers can likewise take advantage of services like insurance and reinsurance to mitigate risk by transferring it to organisations that are receptive to bearing it.