Financial Services

A financial service is a term used to refer to the services provided by the finance industry. This term is also used to describe organizations that deal with the management of money and includes merchant banks, credit card companies, consumer finance companies, government sponsored enterprises, and stock brokerages. In terms of earnings, financial services are the largest industry in the world as of 2004.

Because of the Gramm-Leach-Bliley Act that was enacted in the late 1990s the term financial services was brought into prominence when it revoked earlier laws which forbade a bank or any financial institution from venturing into fields like insurance and investment.

The result was the merger of many organizations offering the above mentioned services under one banner giving rise to a new type of banking popularly known as Commercial Banking. A number of organizations came into existence purely as service providers.

The Finance services industry, though a highly profitable Industry with respect to earnings, does not count for a large share of the market and also employs a lesser number of people as compared to some of the other Industries.

All sorts of financial jobs are available for those who are qualified. A bookkeeping job, for instance, requires specific certification. Financial accountants at small and large businesses often require more education.

Some of the commercial banks in this field are: Citibank, HSBC and Standard Chartered. Other service providers are American Express (Credit Card), VISA (Credit Card) and Allianz (Insurance).

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