Industry Analysis paper PDF

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Summary

The assignment is about exploring the Finance Industry...

Description

B 100 03/13/2019

Financial services industry The Financial Industry is one of the most demanded sectors in terms of the quality of the information required, the security and reliability that the institution must maintain at all times, which encompasses a broad range of companies that handle money, including credit unions, banks, credit card companies, insurance companies, stock brokerages, mutual funds, and many others. A quick fact, according to the Nilson Report, “JP Morgan Chase is the largest issuer of bank cards, which gives a lot of sales and revenue to bank institutions”. Currently, the banking business is being reinvented due to the great impact that Fintech has had on the market. The digital era has, in effect, created a scenario in which each company, regardless of its type and objectives, has had to adapt to a new code. the Financial Industry is not the exception to all these changes. The digital presence must bring relevance, resonance, and meaning. The bank must continue to struggle to find the right context for each of its consumers to achieve, in this century, that commitment that all entities seek, but not many reaches. Moreover, it is said that by 2020 more than 90% of financial interactions will be executed through digital media. The client is more informed every day because he has access to any type of information just by clicking on the Internet.

One of the most recognized companies in this industry are banks which:

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Keep money safe, in addition to facilitating withdrawal when necessary

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Issue checks and promissory notes so that bills can be paid and other types of payments

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Allows financial transactions at branches or through the use of ATMs (ATMs)

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Provide electronic fund transfers, including wire transfer to international banks.

● They develop systems of direct debits, so payments for bills can be made automatically ● The financial sector corresponds to commercial activity, providing intermediation services related to the field of generating value through money.

This makes this industry always keep growing since every company needs a way to sustain itself. To be successful in this industry, companies must establish strong connections as large institutions, innovate, have extensive brand awareness and market share. Among some of the careers and level of education needed that must be taken into consideration are: ● Degree in economics ● Business Management ● Bachelor degree in Accounting ● Bachelor degree in financial engineering ● Tax advisor

Work Cited

Report, Nielson. “Top U.S. Credit Card Issuers: Outstandings 2018.” The Nilson Report Current Issue – Featured Article, Statistics & Companies, 2019, nilsonreport.com/publication_the_current_issue.php#featuredstatistics. The article is in the lower left quarter of the page....