Financial services is a broad field that includes all types of finance, from banking to investments to payment technologies. It is one of the largest sectors in the world and is driven by large conglomerates but also by smaller firms with innovative and challenging business models.
What Are the Different Kinds of Financial Services?
The industry is a complex network of people, companies and products. It is a sector that can be described as the nexus of money and markets, where the value of a nation’s assets and debts flows freely.
A service is a task that someone performs on your behalf, such as a bank teller handing you your check or a stockbroker selling stocks to you. A good, on the other hand, is a product that lasts beyond the transaction, such as a mortgage loan to buy a house or an insurance policy to cover your car.
Regulatory bodies are interconnected with various industries, and in financial services there are two key agencies: The Financial Industry Regulatory Authority (FINRA) and the Office of the Comptroller of the Currency (OCC). These entities are responsible for overseeing different financial institutions’ operations, upholding transparency, and making sure their clients are treated fairly.
Customer expectations for the financial services industry have changed, and it’s important for organizations to deliver a great customer experience. A high-quality customer service strategy can be a differentiator that attracts and retains customers, as well as drive business success.