Financial Services is a term used to refer to the services provided by the finance market. Financial Services is also the term used to describe organizations that deal with the management of money. Examples are the Banks, investment banks, insurance companies, credit card companies and stock brokerages.
These are the types of firms comprising the market, that provide a variety of money and investment related services. Financial services are the largest market resource within the world, in terms of earnings.
Defining Financial Services can also be termed as, any service or product of a financial nature that is the area under discussion to, or is governed by a measure maintained by a Party or by a public body that exercises regulatory or supervisory authority delegated by law.
Understanding Financial Services
Financial Services are generally not limited to the field of deposit-taking, loan and investment services, but is also present in the fields of insurance, estate, trust and agency services, securities, and all forms of financial or market intermediation including the distribution of financial products.
Aligned with a background of sharp risk, market and regulatory pressures, Financial Services organizations are striving to grow and enhance their shareholder values.
Day by day the customer needs and expectations are growing. Thus, making the mark in increasing personal wealth, a mature population and the desire that can more easily be reached to the personalized financial products and services. Intense competition has squeezed market margins and forced most companies to cut costs while enhancing the quality of customer choice and service.
As Financial Services organizations strive to become more innovative and entrepreneurial, the war for talent is intensifying. The risks increase as the products become more complex, the organizations and the business environment ever more uncertain.
At the same time, regulation is the tightening highlight within the reach of public and government pressure for improved supremacy, transparency and accountability.
In this environment, the winners will be companies that can turn the challenges into opportunities to build stronger and more enduring customer relationships, sharpen their process efficiency, unlock talent and creativity, use improved risk management processes to deliver more sustainable returns and use used regulatory demands as a catalyst for strengthening the business and enhancing market confidence.
The fast pace of change aspect element within the global Financial Services market has created the need for a new generation of solutions that can operate in real time with a very flawless reliability.
The challenges faced by the Financial Services market are forcing market participants to keep pace with technological advances, and to become more proactive and efficient while keeping in mind to reduce costs and risks.
The Financial Services have been able to represent an increasingly significant financial driver, and a significant consumer of a wide range of business services and products. The current Fortune 500 has listed 40 commercial banking companies with revenues of almost a $341 trillion, up a modest 3% since last year.
Another $700 trillion or so comes from the 57 companies comprising the savings institutions, insurance and diversified financial companies.
The market in Financial Services is not only a powerful economic force, but can also be considered as a driver of other industries‘ success, standards, and operations. Virtually each and every company uses financial services institutions for not only their own, but their customers business purposes, and the practices, regulations and standards that the market adopts affects the way that their own customers.
To have an effective network strategy in place enables the Financial Services organizations to become more customer-oriented. This helps to increase their profitability, enhance the alertness factor, also lessen total ownership costs, and deal with used business challenges.
There are many companies working with financial organizations worldwide to develop a sound networking strategy for connecting companies with customers, suppliers, partners, and employees too.
Thus concluding here that the Financial Services market is diverse and dynamic. An ever-changing versatile, high-growth market, Financial Services consist of everything from individual or group consultants to banks, credit cards and alternative financing providers.
Businesses that have differing needs and the diversity and range of the financial services market has several selections available to better suit them all.
There is a lot you can learn about the Financial Services industry. It is an exciting, important industry that has a direct impact on the way businesses operate and grow, and subsequently, the economy of our nation too.
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Source by William Smith