Revolution in the financial services industry

Author: Edited by Clifford E. Klesse, Translated by Liu Yi, Tao Heng, et al
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Features: The slogans of businesses in the financial services market have been changing. In the past, they promoted "safety," "returns," "guarantees," and "savings," while now they emphasize "investment," "growth," "risk," and "money management." Over the past 20 years, we have experienced a financial revolution. Workers were once content with receiving pensions, but now they invest their own pensions. Money management was once a privilege for the wealthy, but with the development of mutual funds and other investment tools, it has now entered the households of the middle class. Formerly, middle school financial courses were limited to bookkeeping, but now they teach students to analyze financial statements. More importantly: individuals are no longer just savers—they have now become investors. Alongside this shift in personal financial roles comes the dynamic transformation of the roles of banks, insurance companies, and mutual funds in the financial services industry. These financial institutions have broken away from their traditional roles—banks are no longer just for accepting deposits, insurance companies are no longer just for transferring death risks, and mutual funds are no longer just for pooling investments.