As must be pretty transparent, consumer services refer to services that a company can provide to a direct end consumer.
Now, this consumer could either be an individual, a group of people, or even another company. And generally, these services are provided either by an individual, another agency, or an institution.
Take Marketing services for example,
Any agency or freelancing individual can provide a specific set of services like digital marketing, content writing, product development, and more.
Similarly, Finance Consumer services refer to a specific set of services that are delivered directly to the end consumer.
Of course, if you want to quickly get acquainted with fundamental financial services, then read here.
Before starting a discussion about whether It's a good career path or not. Let's first understand Finance Consumer services in a little more depth.
What are financial consumer services/Companies?
As stated earlier, Financial consumer services are those which are directly offered to consumers. Examples of this would be - savings accounts, small loans, credit cards, corporate payment cards, etc.
Reading these, you might realize that you might be familiar with all of them already. In fact, unlike other service models, financial services are an integral part of our society.
Some of the major companies and institutions that provide these services are:
- Credit Unions
- Credit/Debit card companies
- Accountancy Companies
- Stock brokerages, Investment Funds
- Insurance Companies
As a reference, here is an example of how you could pursue a career in fund accounting.
Are financial consumer services a wise domain choice for your career?
Yes, Nowadays It's so important to manage your finance and it's a tedious job for one to take care of finances in one go and simultaneously with all of life's hustles.
Thus, financial consumer service companies usually take responsibility for these hassles and abstract the complicated financial processes for your convenience.
As for the career scope, I am sure that even if you observe your current surroundings while reading this, you can notice some form of financial consumer services being in play.
Whether it's a UPI payment being processed for your shopping or a bank debit card lying in the corner, everything is essentially a cog in a financial product being serviced to you.
Thus, there is obviously vast scope for you in case you decide to pursue a career in financial services.
Now let's jump on to the 'How' of it.
What kind of job opportunities are available in the Finance consumer service industry?
Of course, you can't make a career in creating Savings accounts! (unless you get an NBFC approval and open a full-fledged bank)
However, there are many career roles in which you can directly dive into consumer services. Here are some examples of the same:
- Finance Manager - Managing daily financial operations of the company like payroll, invoicing, and other transactions. Contacting and assisting outside services for tax preparation, auditing, banking, etc.
- Manager - Operations - Consumer Finance/Retail Finance - Scrutinizing relevant documents before sanctioning. Ensuring compliance with organizational credit policies. Managing all back-end operations like Documentation, contracts, etc.
- Consumer Product Manager - Micro Financial Services - Understanding the Customers in each market, their needs, and other information which will drive product creation and its lifecycle consisting of shipping products, delivering on KPIs and developing deep product expertise within a cross-functional team, and supporting Product launches.
- Manager - Analytics - This role is a part of the Analytics Team for the Consumer Finance Business. The team works with cross-functional teams and leadership to develop and execute strategic projects and drive business performance. This role will be responsible for driving high-impact, complex analytical projects of a wide variety.
- Other Roles - Accountant, Fund Officer, Compliance Officer, Loan Officer, Private Equity associate, etc.
Literally, any of these roles can lead you to a highly rewarding career and professional progression.
(Cookies for you if you follow up a single one of these career roles and keep specializing in it!)
Qualifications required for the above roles
Career progression in finance is obviously highly dependent on your work experience.
However, basic graduation in finance or related discipline is generally necessary for all the above roles.
Advanced qualifications like MBA, CA, CS, CFA, and other accounting and finance-related certification courses will also be a magnificent addition to your finance work portfolio.
Most of these certifications will get you the technical skills that you need to excel in major financial consumer service industries.
Additionally, there are some soft skills that are generally needed to optimize your efficiency in your job role. here they are:
Skills required -
- Leadership skills for senior roles and Strong communication and interpersonal skills.
- Problem-solving and negotiation skills.
- Deep understanding of business principles and practices.
- Strong MS Office skills. (a must for almost all consumer-centric services)
- Empathy
(The last one helps you tolerate toxic workplaces and gives you the courage to let go when needed!)
Why should anyone pursue a career path in Financial Consumer Services?
I agree that this is not as fun as being a cowboy, not as prideful as being a philanthropist, and not nearly as badass as being a vigilante!
But a career in Financial consumer services is still highly rewarding for those who have an aptitude for number crunching and are looking for a stable life.
(after all, being a vigilante isn't exactly what you'd call stable!)
Here are some reasons why you might be encouraged to pursue a career in this field:
- Strong Networking - It leads you to meet various people directly who are consumers and you help them to solve their various financial issues. If you are someone who likes solving problems and forming big networks, this is the job for you.
- Handsome Salary - There are numerous options in the market in this sector as per the growing needs of consumers. Many start-ups are coming into the picture in the fintech and NBFC sectors. Thus, It is tough for any service provider to excel in this competition except if they have access to incredibly good talent. Thus, companies very handsomely compensate employees who have a good command over market sentiments and strong fundamentals.
- Secured Jobs - There will never be a shortage of demand in this sector for everyone needs financial services. So it is up to you to fulfill this demand for finance professionals by jumping into the industry.
This Financial Consumer Service sector is growing rapidly as per market needs and importance. Small Businesses and individuals want their money secure and investment to generate more income. We all have seen How online payment has been a part of everyone's life lately. So, increasing needs and a growth mindset led to the growth of the finance consumer economy. And it also led to numerous jobs and career opportunities.
In the end, if you are making up your mind in pursuing a career in financial services, get it done now!
Because this is a truly rewarding career path for your professional life!
Hope you found this useful!
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