The financial services industry is a massive economic driver, with revenue of more than $341 trillion in 2018. The sector covers many different areas, from banks and credit unions to investments and insurance.
These companies help people save money by offering a variety of financial products and services, including savings accounts, checking and savings accounts, certificates of deposit, and more. They also provide investment advice and guidance to help individuals make the most of their assets. Financial services providers are often regulated by independent agencies to ensure they comply with industry standards and protect consumers.
A key part of the financial services industry is consumer finance, which includes credit card and mortgage lending as well as personal and student loans. Some of the biggest players in this area include American Express, which offers a range of credit cards with rewards programs, and Mastercard, which helps its customers manage their finances and protect themselves from fraud.
The financial services industry also encompasses debt resolution and payment recovery, which includes helping individuals who are struggling with unsecured debt to find a suitable repayment plan and assisting businesses with recovering money they’ve accidentally paid to vendors. Additionally, the industry includes financial market utilities, which are the infrastructure that supports other parts of the financial services industry such as stock and derivative markets. These include clearing houses, exchanges, and interbank networks. This is an important part of the industry because it allows businesses to invest in new projects, and also provides the public with a safe haven for their savings.