When people think of financial services, they often picture the hustle and bustle of Wall Street. But this sector is far more encompassing than stock trading and investment firms; it’s “everything that touches money.” From the companies that provide mortgages and insurance to those who facilitate credit card payments, to the investment banks that offer their services to businesses and individuals, the financial services industry is essential for healthy economies.

It advances loans for business expansion, grants mortgages to homeowners, and helps build savings for retirement. It also provides insurance products to protect against financial loss, including life and health insurance, property insurance, and liability insurance. A robust financial sector is critical to a country’s economy; it encourages consumers to spend more, and it provides them with access to credit when they need to make large purchases.

The financial services industry is constantly changing and evolving to keep up with new technologies and consumer demands. For example, technological advances have allowed companies to offer new financial services like digital bill payment and mobile deposit. New services are also helping to reduce costs and make financial services more accessible for consumers. For instance, a sanitation company in Madagascar has been able to offer its services at 20% less than before thanks to digitized payments.

The financial services industry is regulated to ensure that it treats consumers fairly, offers clear documents and information about its services, and has procedures in place for handling complaints. It is also required to follow strict rules regarding insider trading and other types of fraud.