If you’re thinking of joining the financial services industry, there are several reasons why you may want to consider this career path. This article outlines the regulatory bodies, the career opportunities, and the growth potential for this sector. Regardless of your personal financial situation, financial services offer exciting career opportunities and a strong growth potential. If you’re thinking about entering this sector, it’s important to know all of your options. Here are four reasons why you should consider a career in the financial services industry.
Regulatory bodies
Regulatory bodies for financial services monitor the efficiency and fairness of the financial markets and firms that provide them. Their purpose is to ensure that the public is protected from fraud, that the financial market is transparent and efficient, and that consumers are treated fairly. The FDIC and Federal Reserve regulate banks, FINRA supervises brokers, and the SEC oversees stock exchanges and other financial services firms. A number of state regulatory bodies have been created in order to oversee specific industries.
Industry trends
Digital transformation has become a core focus in the financial services industry as a means to improve efficiency and cut costs, while maintaining a competitive advantage. These trends include paperless banking, mobile banking, touchless payments, cash apps, and data-driven fraud prevention. According to a McKinsey/Finalta report, 65% of bank sales will occur through digital channels by 2019.
Career opportunities
For those interested in a rewarding career, careers in financial services are an excellent choice. Financial services are a diverse sector with an enormous demand for talent. There are many ways to break into the field, and there are several opportunities available. Financial services marketing is an industry that offers a range of different marketing strategies to attract potential customers to buy financial products. This job involves the generation of leads, converting them into customers, and developing marketing campaigns.
Growth potential
The financial services industry is comprised of various sectors, each of which plays a critical role in the national economy. A thriving financial services industry helps individuals increase their purchasing power by lending more money. On the other hand, a weak financial services industry could lead to a recession, which would be a great blow for the economy. The sectors of the financial services industry give you a unique insight into the overall health of the economy. As a result, a career in this industry could be highly influential in maintaining the economy’s strength.
Cybersecurity threats
Despite advances in cybersecurity technology, cybercriminals continue to increase their sophistication. In 2014, an APT-style campaign known as Carbanak/Fin 7 infected more than 450 banks around the world, stealing between $800 million and $1 billion. The malware infected computers with a remote administration tool that allowed hackers to access employee passwords. These attacks are more complex and sophisticated than smaller, rogue hackers, but they remain an important threat to the financial services industry.