Various services are provided by the financial sector such as investments, banking, insurance, and retirement. This industry plays an important role in the economic development of a country.
In addition to these sectors, there are also nonprofit organizations that offer money management and counseling services. A strong financial sector boosts the purchasing power of the consumer and helps businessmen to maximize their returns. The government also has the power to regulate and supervise the financial industry. IRDA (Insurance Regulatory and Development Authority) was established in 1999.
These companies are responsible for minimizing the risks of their clients. They also protect people from natural calamities and other business conditions. They cover a variety of risks such as health and life insurance. They also provide savings opportunities for individuals.
The industry has become more complex over the years. It has been affected by the growth of information technology. The financial sector is highly dependent on IT systems. In addition to these companies, there are many community-based nonprofit organizations that provide financial advice and counseling.
Financial institutions also provide consumers with access to credit and other loans. A good financial service can also help to improve a person’s lifestyle. For example, a loan may be used to buy a car or luxury item.
The financial services sector has a large array of jobs. Each job requires a different skill and knowledge. If you have a good idea of what the financial services industry offers, you can make a smart decision about your career path.