Financial services industry overview in 2023: Trends, statistics & analysis

The financial services sector is accelerating its adoption of digital technology. Paying with cash, participating in in-personal meetings with financial consultants, and even using an ATM are all fading facets of financial services.

To help you navigate the evolving industry, we've outlined major terms, topics, and trends to provide a high-level financial sector overview.

What is the financial services industry?

Financial services is a broad term used to describe the various offerings within the finance industry–encompassing everything from insurance and money management to payments and digital banking technology.

There are a multitude of stakeholders and moving parts within financial services, from credit card issuers and processors, to legacy banks and emerging challengers. And with financial activity becoming increasingly digitized, especially as consumers are choosing to manage their finances from home amid the ongoing coronavirus pandemic, financial institutions and startups are sharpening their technology and expanding remote services.

Financial services industry overview

There are three general types of financial services: personal, consumer, and corporate. These three categories encompass the major players and influencers for companies and organizations trying to climb the ladder of the industry.

Personal Finance

Why is personal finance management (PFM) important? Personal finance is an individual's budgeting, saving, and spending of monetary resources, like income, over time–while taking into consideration various monthly payments or future life events. It sets consumers up for all stages and major events in life, from buying their first car to retirement planning.

When choosing a bank or other financial institution, consumers typically look for businesses that offer personal finance services, such as financial advisors. As money management activities increasingly migrate online, consumers are looking to banks that allow them to manage personal accounts remotely and take control of their own financial health via online platforms and mobile apps.