In the financial services industry, everybody is a customer. From micro-loans to large corporate deals, everyone is involved in some form of transaction. With the advent of globalization and the continual maturing of economics, the driving force behind the global economy has been credit. And this means billions and trillions of dollars flowing throughout the world at the speed of thought due to the Internet. Add to this the ever-evolving technologies, apps and Internet of Things and the dynamic character of global economics becomes evident. This impacts pretty much everyone.
Simply put, Financial Services is a global industry associated with serving all financial economic transactions and its subsets. There are 2 primary groups of businesses in financial services – ‘Insurance and related services’ and ‘Banking and other financial service providers. Some examples of financial services are as follows: Investment Management, Travel Insurance, Credit Cards and Micro-Financing; to name a few. The business drivers for this industry have been margin pressures, regulatory oversight and ever rising consumer expectations.
