Careers in the Financial Services Sector

The Financial Services Sector is huge and includes a wide array of professions. When it comes to careers in this space, there are a few things to consider when deciding what type of role best fits your career goals.

Ryan Duitch, President and CEO of Arro, explains that the term “financial services” encompasses everything from investment banks to community banking and credit unions. He says that a healthy financial services industry helps people get money in loans for mortgages, education, vehicles and other needs; save for retirement or major purchases through investments; protect their assets and health through insurance policies; and even support businesses with venture capital, credit and cash management.

This industry is largely driven by consumer demand and is highly competitive. It requires an environment that has moderately rising interest rates, a balance between enough regulation to keep consumers’ money and rights safe, and the flexibility for financial services firms to offer creative new products.

In addition, the industry is lifecycle-based, meaning that a bank’s customer service and product offerings must be in line with their customers’ most significant moments, like getting married or purchasing a home. To do this, they must use data to anticipate these moments and provide relevant products and services at the right time. This enables them to increase engagement and loyalty. It also allows them to improve profitability by generating revenue through fees, commissions and the spread between rates on loans and deposits.