Finance Domain
“Finance Domain” term is generally used to refer to the skills and jobs that fall under finance industry or financial services. It is used as a collective term to refer to a broad range of economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Professionals working on information technology projects started referring to people having understanding of financial services and financial concepts as belonging to “Finance Domain”.
As the prominent industries that fall under financial services are being discusses separately under Domain Knowledge, here you will find a brief discussion about the process areas (finance domain areas) that fall under finance.
There is a potential source of confusion regarding what we refer to with the term Finance Domain. On the one hand, there is a function called finance that is common to all business enterprises, in every industry and on the other hand we have financial institutions. An attempt to bring clarity to the usage of the term.
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