The financial services industry is huge and varied. Banks, mortgage lenders and credit card companies are all part of it. So are investment firms, stock brokers and Wall Street. It also includes insurance agencies and reinsurance. And it even encompasses debt collection and tax filing services.
Most people know about banks and credit unions. They provide checking and savings accounts as well as loans and credit cards. But few realize that insurance is part of financial services as well. Insurance helps cover unforeseen expenses like medical bills and property loss. It also protects us from the impact of natural disasters. This is why most people have some form of insurance.
The financial services industry is a powerful economic force. It drives the success of other industries, provides jobs for millions and impacts our daily lives. But it is not without its challenges. In the years following the 2008 global financial crisis, regulators and firms have worked to fix problems related to conduct, incentives and profits. To avoid future crises, the industry needs to embrace a new culture and mindset. It must place a greater emphasis on purpose. This means shifting the industry’s priorities to focus on empowering businesses and individuals and giving them security. To do this, financial services must align its goals with its customers’. Learn more about how to achieve this change here.