The financial services, banking, and insurance sector is a broad area including financial firms such as banks, investment houses, lenders, real estate brokers, and finance and insurance companies. Financial services include the processes and services through which consumers and businesses acquire financial goods. It is arguably the most important sector of the global economy, in terms of equity market capitalization and profits.
Essentially companies in this sector manage money, through investments, insurance, or other financial banking practices. Financial goods or what individual consumers and businesses receive and manage through financial services are for example stocks, bonds, loans, commodity assets, real estate, and insurance policies. The sector is therefore at the center for managing the economy and our money and assets. If the financial services, banking, and insurance sector thrives, often other sectors follow. This works both ways, however, as the sector can lead the economy into recession. This was unfortunately exemplified by the 2008 financial crisis, which trickled down to the rest of the economy from the financial giants. In the re-alm of the global COVID pandemic, the many first world countries are facing rising inflation resulting from household's higher energy bills, more expensive groceries and consumer products which reflect (part of) the step-change cost increases in the logistics & supply chain due to the effect of the pandemic. The impact we will see in 2022 and beyond.
The financial services, banking, and insurance industry’s primary segments are banking services, investment services, insurance services, and tax and accounting services. The introduction of robo-advisors and the power of technology (e.g. blockchain, crypto, neobanking) is gearing the sector towards more automated & scalable applications. In the coming years, the sector will continue to find new technological and digital solutions. With the recent rise in cryptocurrency and NFTs, the financial services sector will have to adapt to new digital assets.
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