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Eight Big Data Components Of The Financial Service Industry Financial services are the basic economic services offered by the financial sector, which includes a wide array of financial companies that deal with money, such as banks, credit-cards firms, credit unions and investment banks. A financial company is an organization engaged in the business of providing financial products and financial advisory services to customers. The services of a financial firm can take many forms, from buying financial securities to advising customers on the best financial option. Financial-services companies can also provide a wide range of advisory services to government and non-governmental organizations on matters relating to finance. Money management is a key element of the financial services industry. Money management refers to the art and science of managing money in an efficient and effective manner. In Digital Waves , money management has become an important managerial function, as a result of increasing levels of global trade and fluctuations in financial portfolios. The main areas of money management are interest rate management, asset allocation, portfolio balance and financial spread. Another important element of the financial services industry is financial technology. Financial technology deals with the methods and tools used to facilitate the financial industry's activities. Some of the financial technology elements include electronic and internet-based transaction processing, including information systems, computer network security, financial software and other technologies. Central banks play a major role in the financial industry. Central banks control the supply of, and the supply of currency in their respective countries. They influence the foreign exchange market by controlling the amount of foreign currency that a country should purchase and sell. The central banks often form the major institutions that deal directly with the public. These institutions to control and manage financial instruments such as reserves, certificates of deposit, loans, etc. The major elements of the financial industry that are influenced by the central banks are money and credit creation. The third area of financial services industry that is largely influenced by the government are startups. The government encourages innovations in the financial services sector. In some instances, startups in the financial industry are given tax concessions or subsidized rates of loans. startups in the startup sector often look to public sources for funding, instead of private investors. The fourth major area of finance is social security. Social security is the national insurer that supports many aspects of the lives of citizens. This includes health, accident, disability, life, and retirement security. A social security system involves the creation of an extended system of social security benefits for those who are unable to earn income or pay for the benefits themselves. In addition to social security, there are also various other government schemes that are administered by social security, such as the federal employee retirement program, worker's compensation, child support, Medicare and Medicaid. One other major financial services industry element is technology. The financial industry relies on technology in order to facilitate better decision making. Fintech is growing at a rapid pace due to technological change. Fintech includes software, computers, internet, and telephones. Many have already begun to carve out specific niches in the financial industry using technology. As you can see from the above list of eight big data components, the financial industry is made up of many different components. Technological change, globalization, and globalization affect all areas of the financial services industry, but financial service companies tend to be more sensitive to these changes. As Digital Waves , they are focusing their research and development budget on investigating and innovating new ways to serve customers. In this way, the financial industry continues to experience rapid growth in all areas of its operations
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