Financial services are the backbone of a country’s economy. They allow people to save and invest money, and also provide access to credit for those who need it for unforeseen circumstances. Without these services, a country’s economy would falter. The strength of a country’s financial services sector is reflected in the prosperity of its citizens. When the sector is strong, consumers earn more, which boosts their purchasing power and confidence. The financial services industry also provides crucial support for businesses by providing a source of funds to invest in research and development, fostering innovation.
Financial service providers include banks, credit unions, credit-card companies, and brokerage firms. They offer a range of products and services, including deposits, loans, investments, and insurance. Some of these products are tangible, such as stocks and bonds, while others are intangible, like mortgages and insurance policies. Many of these products are complex, and some even embody a certain degree of risk. Therefore, they must be regulated in order to protect consumers and prevent criminal activities such as fraud, money laundering, insider trading, and other financial crimes.
The financial services sector is vital to the health of NYC, the nation, and the world. As you begin to consider a career in this exciting field, it’s important to get a firm grasp of the nuances of the sector and its many subsectors. Check out our article on the different kinds of financial services to learn more about how to break into this field, and don’t hesitate to reach out to Pocketbook Agency if you’re interested in learning more about jobs in NYC’s finance industry!