The world of finance is highly diverse and offers many opportunities for those who are ambitious. A career in this sector can help you learn new skills and develop an international perspective. It also provides excellent remuneration and opportunities for advancement.
There are different subsectors in financial services: banking, investment fund management, insurance, and consumer finance. Banking services involve directly accepting deposits and repayable funds from savers, then lending or investing them with the aim of making a profit. Investment fund managers and insurers add value to the money they invest by aggregating savings, monitoring investments, and pooling risk to keep it manageable for individuals.
A robust financial services industry ensures the free flow of capital and liquidity in the market. When this happens, the economy expands, and companies are better able to manage risk. It also supports the development of primary, secondary and tertiary sectors in the country.
There are still some people who remain out of the net of financial services and there is a need to introduce new instruments to cover them. This is a challenge for business, civil society and governments. This can be done using a variety of approaches and techniques that are being used worldwide. For example, mobile technology and digital currencies can be employed to deliver services to the under-served. These methods are cost-effective, quick to implement and easy to scale. These technologies can also be used to provide insurance and banking services to remote communities.