Financial services are a critical part of the economy. They provide people with loans to buy homes or cars and they protect assets with insurance policies. They also play a key role in supporting healthy economies by providing businesses with the capital they need to grow and expand. The financial services industry includes banks, mortgage lenders, securities traders, stock brokers, investment funds, and Wall Street.

Companies are increasingly dipping their toes in the waters of financial services. This is partly due to the rise of fintechs and their rapid expansion into the market. But it is also because of the way that consumers are demanding more from their banking providers and looking for alternatives to traditional financial institutions.

One way that companies are adding to their portfolios of financial services is by partnering with existing firms that specialize in this area. This is known as a white label solution.

This is a simpler solution than establishing an entire financial services division in house and it gives companies access to the latest innovations from the sector’s top firms. It also allows companies to offer their customers a more complete suite of products and can reduce the time it takes them to get up and running in this arena.

Finally, many large financial services companies are also conglomerates that own businesses in a number of sectors within the industry. These include retail banking, commercial banking and corporate finance. This type of business structure provides these entities with greater diversification benefits and can help them to lower their risk by spreading their investment across multiple areas of the industry.