Financial services are a vital part of any economy, providing an essential service to consumers and businesses. The industry includes a wide range of business areas, from banking and investments to insurance and credit cards. It also encompasses the market in which companies buy and sell money, commodities and other assets. This market is a powerful economic force and influences the success, standards, and operations of other industries.
The Financial services helps in mobilizing the saving of public and investment of these savings in productive activities which results in the increase in the Gross Domestic Product (GDP). It also increases the employment opportunities in different sectors of the economy. Various financial services like credit card, bill discounting, factoring and hire purchase finance help in raising funds for the development of the economy.
It provides diversification to the savers as they can invest their savings in different avenues and thus they can earn more interest on their savings. This in turn leads to more investment and better growth of the economy on a sustainable basis.
People who have control over their finances are more resilient and healthier in both their physical and mental health, so it’s important to have the right financial products and advice at hand. The financial services industry plays a key role in helping people achieve this vision and has a unique opportunity to break the taboo around talking about money. It’s an exciting time to be in the sector, with a number of new digital and data analytics tools and innovative products coming to market.