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Financial Services Industry
Financial services encompasses a wide array of specialized activities like banking, insurance, investing, and even estate management. Financial services involves the financial industry and its various sectors. There are many financial institutions in UK, which are highly specialized and experienced in providing financial solutions for individuals, corporate entities, public sector organizations, international organizations, financial institutes and government agencies. The financial services industry consists of various financial companies including commercial banks, savings and loans, investment houses, brokers, finance companies, realtors, insurance companies, international organizations, banks, financial consultancies and intermediaries.

There are three branches of the financial services industry. These include banking, insurance, and asset management. In this article, let us discuss these branches in detail. It may be noted here that all these companies are engaged in the process of ensuring the financial security of the society.

Broadly speaking, the banking sector provides money management, savings and lending facilities, pension funds management, commercial borrowing and mortgage services. On the other hand, the financial services industry offers different kinds of services like insurance, investment, venture capital, estate planning and asset management. In addition, the banking sector also ensures the functioning of the financial market including interest rate policy, the discount rate policy, foreign exchange, central bank lending facility etc. Besides, it also acts as a huge source of global finance .

Another segment in this vast industry is the financial services industry that mainly deals with the bookkeeping and accounting part. This sector comprises of numerous divisions. For example, there are accountants, auditors, bookkeepers, data entry clerk, payroll clerk, and financial statement writer. All these jobs require specialized knowledge and experience. These professionals are equipped with the knowledge of various software, special software, and excel spreadsheet applications to meet various requirements of an organization.

This sector is very much important as it offers a number of solutions to the organizations and individuals. It provides for proper financial planning and efficient money management. The role of the accountants and auditors in the financial services industry includes preparing and monitoring the accounting records and preparing the reports. Auditing is concerned with reviewing and analyzing the accounts of a company and inspecting its cash flows.

A few other financial transactions that are included in the scope of this business include remittance, foreign exchange, insurance, banking, customs, courier, postal, telecommunication, information technology, personal and corporate loans, purchases, sales, loans, asset utilization and capital market. Nowadays, banking is considered to be one of the major players in the whole world economy. The banking sector employs a large number of people in a diverse positions. The banks have evolved in a way that they can provide various services in a very efficient manner. This also has made them the major players of the economy.

The total area of the global banking market is very huge and it is only growing with time. This means that the competition in this field is tough and you need to be well established in this sector to survive in it. Banks are expanding their services in a very fast pace, so as to provide financial services of all kinds to their customers. In the United States alone, there are about 500 banks which provide for all sorts of financial services to their customers.

This is an interesting fact that the United States leads the pack when we talk of the number of financial institutions. One out of every four jobs in the United States require some form of financial services industry experience. The entire process of creating jobs in this industry is highly profitable, as it leads to the overall economy of the country. If you want to make a career in banking and if you want to work in an extremely dynamic industry, then you must opt for the BPA accredited courses which lead you to an exclusive career in the financial services industry. This industry encompasses a lot of sectors and there are several sectors which are completely dependent on the banking industry. This is the reason why almost every sector of the economy depends on the banking and the financial services industry.
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