Whether you’re saving for retirement, financing a new business or paying off debt, you need financial services. The industry includes banks, credit unions, investment firms and insurance companies. It also includes credit card networks, like Visa and MasterCard, payment processing services, global financial market utilities, such as real-time gross settlement systems and interbank networks, and debt resolution services. The financial services industry is important to NYC, the nation and the world economy because it makes money move through the economy more efficiently.
In a typical day, many people use multiple financial services. For example, depositors in a bank need to know that their funds are secure; mortgage holders expect their loan payments to be made on time and accurately; investors in stocks and bonds count on the research provided by brokerage companies to inform their investing decisions; and individuals seeking debt consolidation or help with budgeting rely on financial counseling services.
A robust financial services sector is important because it enables consumers, businesses and governments to fund themselves. When the industry is healthy, it boosts consumer confidence and purchasing power. In contrast, when the sector and a country’s economy are struggling, it can cause recessions and hardship for individuals and businesses.
Careers in the field can be very lucrative. In addition to competitive salaries, many employers offer on-the-job training and encourage professional development. They also promote from within based on aptitude rather than longevity. This can be especially attractive for younger candidates who are looking for fast advancement.
Some of the most significant challenges facing financial services include customer retention and acquisition, debt management and basic money management. Developing innovative tools and products that make it easier to save, invest, borrow and manage money could help the industry grow. This could also make it more accessible to those who have traditionally avoided these products due to fear or lack of understanding.
The industry encompasses a wide range of professional careers, from accountancy to estate planning and beyond. The key to success in this dynamic sector is having a deep understanding of the complex and often nuanced ways that individuals, businesses, and governments interact with their money.
To thrive, the financial services industry needs to strike a balance between strict regulation that keeps customers’ money and rights safe, and flexible regulations that allow innovation and opportunity. This is a challenge, but one that can be met with the right mix of talent and vision. If you’re ready to take on the challenge, there are a number of exciting opportunities available in New York City. Click through our listings to find a position that fits you.