Financial services refer to the services comprising a wide range of operations related to financial industry. Financial services industry includes credit unions & credit card companies, accountancy companies, stock brokerages, banks, insurance companies, consumer finance companies and investment funds. Financial services have evolved from the traditional accounting services to more value added services such as insurance, pensions, mutual funds and mortgages. Several banks and financial institutions focus on attracting customers with the customer-centric approaches and decisive market strategies.
The global financial services market can be segmented into insurance, banking, real estate, asset management, accounting, brokerage, risk analysis and investment. The banking segment is leading as it includes a wide range of institutions such as credit unions, savings and loan associations and commercial banks. The banking segment has expanded its services with the inclusion of stock brokerage, insurance, sale of annuities and investment management services.
The increasing use of financial services applications or software enables organizations to utilize financial data for planning and optimizing operations and exploring new opportunities. Financial services applications enable automation of several operations in the global financial sector such as risk & compliance management, business transaction processing, audit, business intelligence & analytics applications and customer experience. These applications also help banking and financial processes to automate their operation in order to keep track of ever growing financial transactions.
Financial services have also been impacted with the boom in internet and smartphones. Financial service providers are focusing on leveraging the online banking channels in order to drive the market growth. Internet banking is witnessing a rise in demand owing to younger customers preferring for the ease of online solutions. On the other hand, usage of mobile payment and mobile wallets is growing faster and is expected to continue its growth.
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