Financial services is a broad industry that provides a variety of financial products and services. These include banking, brokers, mortgage lenders, insurance companies and more.
A bank accepts deposits and pays money to its customers, makes loans and invests the difference of those payments into securities that pay interest or returns. They also manage payment systems that facilitate the transfer of funds, trade, and exchange foreign currency.
The financial sector is experiencing disruption, both through innovative technology and the growing emergence of fintech firms. These entities are transforming the way banks and other financial institutions operate and provide services.
One of the key innovations that has transformed financial service companies is BPM or business process management. It enables them to automate repetitive processes, remove manual tasks and increase productivity.
This solution can also improve visibility of the firm’s operations. Visibility helps customers to understand their cash flow and allows them to trust the firm more.
In addition, it can increase customer satisfaction and retention rates. It also enables the firm to keep track of all customer transactions and monitor delays or risks, which can be avoided if the right data is collected.
A career in the financial sector is very lucrative, but it is important to choose the field that fits your interests and strengths. You should be able to perform basic math and data analysis and possess strong collaboration and teamwork skills.