All too often difficulties are encountered associated with the overall use of the term financial services. A large proportion of the general public – including many consumers – has a limited appreciation of the geography of the financial services landscape. This is partly because of the complexity of the industry and partly because, for many people, financial services are intrinsically uninteresting. Poor knowledge and understanding of the sector as a whole and of the product sectors it comprises also applies to those employed in the area. Research conducted by Alferoff et al. (2005) revealed that the knowledge base of the typical financial services employee was limited to his or her narrow field of task expertise:
Many front-line and back office staff did not understand some or all of the range of investment products. They were in fact little more knowledgeable than
By the end of this chapter you will be able to: ● identify the different types of organizations engaged in the provision of
financial services ● understand the range and diversity of financial services and how they
relate to customer needs ● comprehend the complexity of the industry.