Financial services are economic services provided by the finance industry, which encompasses a broad range of service sector firms that provide financial management, including credit unions, banks, credit-card companies, insurance companies, stock brokerages, and investment funds. The industry is important because it helps individuals manage their money and assets, which are critical for achieving their personal goals. It also plays an important role in the economy, by channeling savings into investments that help drive business and growth.
Financial products are the foundation of this industry, which includes everything from mortgages to credit cards to loans and insurance policies. These products allow people to buy what they need, from homes to cars to college educations. They also protect against the unexpected, such as a house fire or a loss of income. In addition to a strong grasp of math and data analysis, financial services professionals need to have excellent interpersonal skills. They need to be able to work well with other people, even if they are not the same gender or race.
While many financial services are for-profit, community-based nonprofits also offer counseling and money management advice. They are also responsible for the critical services that keep the world’s financial systems running, like risk management, monitoring and reporting. As the world becomes more global, these services need to be able to operate across time zones and distances. This has led to the development of leading-edge solutions such as trilateral disaster recovery, where primary, local secondary, and remote tertiary data centers are used to ensure continuous operations.