The financial services industry has many different types of companies. On this page we describe some typical examples. It gives you an idea of where you might end up if you choose this industry with What Companies are in the Finance Field?
What does the financial industry look like?
The financial industry has a huge variety of companies. From multinational banks and insurers to the many one-person companies and small offices that offer financial advice and employ only a handful of employees. In between are medium-sized and larger accountancy firms, investment institutions and securities firms. The products also vary: from savings account to insurance, from option to pension.
Financial service companies
Banks
After a wave of mergers in the late 1990s, the Netherlands was left with a handful of large banks, including ABN AMRO, ING Bank and Rabobank. In total, about a hundred large and smaller banks are members of the Dutch Banking Association.
Internationally, Dutch banks have always been praised for their good solvency position, clout and stability. They were among the best in the world in terms of size, power and quality. However, the credit crunch threw a spanner in the works and shook even our most solvent banks.
In the past, most banks – except Postbank – had an extensive branch network. However, many smaller branches were closed for cost-cutting reasons, which was made possible by the rise of internet banking.
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Insurers
The Dutch insurance market has a strong international character. Many insurers have branches abroad and foreign players have branches in the Netherlands. Here too, a handful of companies hold the bulk of the market share.
The industry distinguishes three types of insurance: life, non-life and health insurance. Most companies offer these components separately from each other and also keep them separate within their organization.
ING Group, Aegon and Achmea are major players in life insurance. Together they have a market share of around fifty percent. The non-life insurance market is dominated by ING Group, Delta Lloyd and Achmea. Since the introduction of the Health Insurance Act in 2006, the market for health insurers is in full swing, but it also has a number of giants such as CZ Groep, Achmea and Univé.
Banks and insurers make up the largest part of our financial industry. What does the market look like?
Competition among insurers is fierce. Both in terms of products and distribution channels. For example, the rise of direct writers, insurers who sell their products without an intermediary, has led to more traditional insurers entering this market and selling their products directly via the Internet, for example.
Investment companies
The investment product market is one of financial conglomerates. Rabobank, ABN Amro and ING Bank are the main players. Together they have a market share of just under fifty percent of the turnover on the stock and bond markets, and more than fifty percent of the turnover on the options and futures markets. But internet players such as Alex and Binck are now also occupying a strong position.
Pension funds
The pension funds administer collective pension schemes. Two large well-known pension funds are PGGM and ABP (the latter is for government employees). In addition, pension funds increasingly offer additional financial products and services. This allows them to compete with banks and insurance companies What Are Typical Financial Services Companies?
What makes it fun to work for Financial Service Providers?
Companies and individuals who provide financial services must be competent and reliable. Consumers must be able to rely on careful financial services. This service is one of the cornerstones of society. It makes sense that if your talent fits this industry, you work on regaining the trust and respect of the customers of these companies. It is about building long-term and satisfied customer relationships. This in a sector where very specific knowledge is required. It is necessary for clients to be able to discuss financial dilemmas with their adviser. Does this appeal to you? Then exploring what this industry has to offer in careers and opportunities is a good first choice.
What can the financial sector do?
The financial sector can have a significant positive impact on natural capital by financing companies with green business models and projects. For example, financial institutions may exclude companies or sectors that harm natural capital from portfolios or include ESG criteria in lending and investment decision-making. Supporting prerequisites for this include an understanding of the impacts and dependencies on natural capital, as well as a global consensus on accounting, integrated reporting and disclosure.
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