When most people think of financial services, they probably envision banks, stock brokers and mortgage lenders. However, the reality is that this industry encompasses much more than those three areas. In fact, it includes insurance companies, securities traders, investors, financial advisors and Wall Street. Additionally, this sector provides large corporations, small businesses, nonprofits and even governments with their financial needs.
Financial services are a vital part of any economy, as they help individuals and businesses save money to spend on other things. They also help borrowers find lenders so they can purchase items and services that they couldn’t otherwise afford. Furthermore, the financial services industry is always evolving and adapting to meet customer demands. One of the most exciting new developments in this space is the rise of artificial intelligence (AI).
AI allows financial institutions to streamline their processes, improve decision-making and enhance the overall customer experience. This technology is being used across nearly every industry, but the finance sector is particularly well-suited for it. This is because the industry is highly data-driven and relies heavily on predictive models, which can be powered by AI. As such, it is an ideal place to implement this technology to make business operations more efficient and effective.
Some examples of financial services include deposit-taking, lending of all types, financial leasing, payment and funds transfer systems, securities trading and underwriting, as well as advisory, intermediation and other auxiliary financial services. The industry is rapidly changing, as traditional players are facing competition from non-traditional providers (fintechs, digital giants expanding into finance and others) and are having to rethink how they serve their customers.
The demand for workers in this field is strong, as is the pay. The starting salary for someone in this sector is typically around PS45,000, with the potential to reach high five figures as you gain experience. Furthermore, job security in this sector is relatively high compared to other industries.
Another benefit of a career in financial services is that it doesn’t require a degree. Although having a degree helps you move up the career ladder more quickly, it isn’t a requirement to get started. This means that if you have the right mix of hard and soft skills, you can start your career in this field with minimal qualifications.
In addition, the financial services industry is a highly incentivized industry with competitive compensation and benefits. It is also a stable industry with an excellent reputation.
As the world’s economies continue to grow and become more interconnected, the need for a variety of financial services will only increase. As such, this is a great time to consider a career in the financial services sector. With the right blend of hard and soft skills, you can begin an exciting, lucrative career in this sector. The Phyton Talent Advisors team would be happy to discuss the options available to you. Just give us a call! Or, if you’re ready to get started, fill out our form and we’ll be in touch.