Financial services industry business can be broadly defined as the economic services that encompass the broad range of the companies such as investment funds, stock brokerages, consumer finance companies, accountancy companies, insurance companies, credit cards, banks and credit unions. This industry plays a vital role in creation of new market opportunity, business regardless of their size and shape.
Facts & Features
Since, the ancient days, the financial services industry has existed in one form or others with creation of money as exchange medium for goods and services. Today, as money exists in form of currency, electronic and plastic medium, the growth of this sector has been astounding to say the least. The share of financial services in corporate income all over the world is more than 20%. It is a fact that financial services play an important role in circulation of money regardless of financial market segmentation.
Major companies in this sector
The list of largest companies in this sector are Berkshire Hathaway, AXA, Allianz, ICBC, Fannie Mae and ING, but they are facing stiff competition in the market and have to use Brand Building & Positioning Tactics for staying ahead.
The major companies in financial services industry are located at Switzerland, USA, Germany, China, UK and Canada.
With increasing linkage of domestic banks and government regulations, most of the governments insist upon the business models, which lead to the purchase of government bonds by the banks. With the next trend, the increasing competition in national as well as international arena, the companies have to watch their market share for survival as well as turning profits. The financial services and changing global trends also includes the rethinking of business strategy that is suitable for the market.
Market size and share
The financial market share analysis offers information that the market size and share is increasing at fast rate when compared with other industries.
The global financial industry outlook is very bright as per the experts. With digital transactions, it has become very easy for people all over the world to invest money in far-flung areas and get good returns. Due to this, the competition has become tough, and companies have to review their cost structure, business strategies and industry policy and plan to stay ahead in market.