Financial services are the activities that provide money and other resources to people. They include a broad range of activities such as banking, credit unions, insurance, factoring, mutual funds and hire purchase finance, among others. Financial services are crucial for the economy because they allow consumers to invest and borrow money. This enables them to acquire goods and services that would otherwise be out of their reach. For example, mortgages and car loans enable people to buy larger houses and cars than they could afford with their own incomes. It is also important for businesses to be able to finance their operations through these channels.

Financial service companies can be found all over the world. Some are large conglomerates that offer a wide range of products, while others focus on specific services such as investing or insurance. Technology has changed the way these companies operate, allowing customers to check their bank accounts online or use mobile apps to make payments. The industry has been through many ups and downs over the years, with deregulation and globalization playing a big part in market crashes such as the subprime mortgage crisis of 2008.

It’s not easy to get into a career in financial services, but it can be rewarding for those who are successful. The key is to find a job that matches your interests, skills and abilities. Many financial services firms are known for offering extensive training and mentoring programs. They also promote from within, putting an emphasis on aptitude over tenure.