Financial services are a broad group of industries that include banking, investment, wealth management and insurance. The industry provides a vital service to people and businesses of all sizes. The industry includes everything from credit card companies, to Wall Street, to small community banks and nonprofits. The industry helps individuals save for big purchases, invest in stocks and bonds, get mortgages and loans, and more.

The financial services industry is the backbone of any economy, providing the capital that businesses need to grow and prosper. Without it, the world would be a much different place.

When the economy is healthy, it is able to provide the necessary funding to all sectors of the market. This means that the primary, secondary and tertiary industries are all able to have access to funds to expand, which in turn leads to employment opportunities.

Moreover, the financial services industry is also responsible for promoting domestic and foreign trade. This is done by providing a range of services such as factoring and forfaiting, which enable the export and import of goods to take place. This in turn ensures that the economic growth of a country is not restricted by the availability of capital.

Besides this, the financial services industry also provides a wide variety of advisory services. This is done by providing advice and guidance on a number of issues such as risk management, capital structure and mergers and acquisitions. These services are provided by a host of professional firms ranging from small domestic consulting companies to huge multinationals.