The financial services industry can be a daunting place for new professionals to enter. This is due to the vast array of positions within this sector, each of which plays a unique role in the overall financial market. However, there are some common characteristics that all financial services positions share.
Banking is a major part of the financial services industry. It involves handing deposits into checking and savings accounts, and lending money to customers. Banks also help businesses by evaluating creditworthiness and extending loans.
Investment firms and stockbrokers help people to invest their money in order to make a return on it. This is done by assessing the risk involved in a particular investment, and offering advice on how best to go about investing money.
Insurance companies offer protection against financial loss from unforeseen events such as accidents or death. These products can be very expensive, but they provide peace of mind for the buyer.
As technology develops, the lines between different sectors of the financial services industry are becoming increasingly blurred. For example, banks now offer services such as investment advice, asset management and payment systems. This has enabled them to become more customer-oriented and improve their services. Spar Nord is one such company that has made great strides in being a ‘personal bank’ and providing digital financial services to their customers. They use Salesforce to leverage Einstein so that agents and advisors have access to real-time predictions of the next best actions to take, and can deliver personalised responses to any customer query.