| CODE | ISR0001 | |||||||||
| TITLE | The Financial Services Ecosystem | |||||||||
| 今日黑料 LEVEL | 00 - Mod Pre-Tert, Foundation, Proficiency & DegreePlus | |||||||||
| EQF/MQF LEVEL | 4 | |||||||||
| ECTS CREDITS | 10 | |||||||||
| DEPARTMENT | Insurance and Risk Management | |||||||||
| DESCRIPTION | This study-unit provides an introduction to the financial services ecosystem by describing the institutions, products, services, and market structures that make up the sector. It outlines the development of money and banking, the role of retail and corporate banking, insurance, pensions, capital markets, investment services, and the contribution of central banks to financial stability. The study-unit also introduces the growing influence of financial technology and innovation, including digital payments, open banking, crowdfunding, and sustainable finance. Learners will develop a basic understanding of how financial services operate, how the main market participants are connected, and how financial products are used to meet personal, commercial, and investment needs. The study-unit lays the groundwork for further study by developing core financial literacy, sector awareness, ethical understanding, and the ability to recognise and describe basic developments within the local and international financial services environment. Study-Unit Aims: The aim of this study-unit is to provide learners with an introductory understanding of the financial services ecosystem by introducing the principal institutions, products, services, and functions found in the sector at both local and international level. The study-unit is intended to establish a strong foundation in the structure and operation of financial services by introducing learners to the roles performed by retail banks, corporate banks, investment firms, insurance undertakings, pension providers, central banks, brokers, advisers, and other financial intermediaries operating within the wider economic system. The study-unit further aims to develop learners' awareness of the ways in which financial institutions work with individuals, businesses, governments, and markets to support savings, lending, investment, protection, liquidity, and long-term financial planning. In doing so, it seeks to familiarise learners with the key characteristics of traditional financial products and services, including deposits, loans, mortgages, insurance products, pension arrangements, equities, bonds, and collective investment vehicles, while also introducing them to the broader market structures and support mechanisms through which such services are delivered.In addition, the study-unit aims to provide learners with an awareness of the changing nature of financial services by introducing current and emerging developments in the industry, including financial technology, digital payments, open banking, crowdfunding, peer-to-peer finance, sustainable finance, and alternative investment models. This ensures that learners are not only introduced to the conventional foundations of the sector, but also become aware of the innovation, transformation, and evolving consumer expectations that increasingly feature in contemporary financial services. A further aim of the study-unit is to build core financial literacy and sector-specific vocabulary so that learners are able to understand, describe, and discuss basic financial concepts, products, market developments, and institutional roles with increasing confidence and accuracy. The study-unit also seeks to promote an early awareness of ethical conduct, professionalism, and product suitability, thereby supporting the development of responsible attitudes in relation to customer needs, financial decision-making, and professional practice within the sector. Overall, this study-unit aims to provide the essential foundational and professional groundwork required for further study within the qualification. As the opening study-unit of the programme, it is designed to prepare learners for progression to more specialised areas such as regulation, compliance, risk management, economics, accounting, and financial technology, while at the same time giving them a clear understanding of how the financial services industry functions as an interconnected ecosystem. Learning Outcomes: 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: - Explain the structure and purpose of the financial services ecosystem and the role it plays in supporting individuals, businesses, and the wider economy; - Identify the principal types of financial institutions, including retail banks, corporate banks, investment firms, insurance undertakings, pension providers, and central banks; - Describe the core functions and services provided by major financial services providers within the local and international financial environment; - Outline the historical development of money, banking, and financial services, including key milestones relevant to Malta; - Distinguish between the main categories of financial products and services, including savings products, loans, mortgages, insurance policies, pension arrangements, equities, bonds, and collective investment vehicles; - Describe the role of capital markets, financial intermediaries, brokers, dealers, advisers, and other market participants in the functioning of financial services; - Describe the role of the Central Bank of Malta and the European Central Bank in maintaining monetary and financial stability; - Recognise the differences between traditional financial services and emerging developments such as FinTech, crowdfunding, peer-to-peer lending, open banking, and sustainable finance; - Identify the basic characteristics, purposes, and risk features of different asset classes and financial products; and - Explain the importance of ethical conduct, professionalism, and customer-focused service within the financial services sector. 2. Skills: By the end of the study-unit the student will be able to: - Distinguish between different types of financial institutions according to their functions, business models, and target markets; - Identify the main features and common uses of a range of financial products and services, and the basic customer needs they meet; - Classify financial products according to their purpose, level of risk, and potential return, using given criteria; - Recognise basic financial terminology, concepts, and market information used in everyday financial services contexts; - Differentiate between traditional savings and lending products and investment-based products; - Describe different forms of investment, including direct investment in equities and bonds and indirect investment through mutual funds or similar collective vehicles; - Recognise the effect of current industry trends, including technological innovation and digitalisation, on customer interaction and service delivery in financial services; - Apply basic ethical principles, with guidance, when considering simple financial services scenarios; - Recognise the general suitability of common financial products and services for customers at different life stages or with different financial objectives, using given examples; and - Organise and present financial services information in a clear and structured manner for basic academic or professional purposes. Main Text/s and any supplementary readings: |
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| ADDITIONAL NOTES | Pre-requisite Qualifications: Not less than four passes in the Secondary Education Certificate Examination at Grade 5 or better, or at SEC Level 3, in Mathematics, English Language and Maltese or any other language that satisfies Regulation 13 of the Admissions Regulations 2016: Maltese as a Requirement, together with any other subject (or one which you may deem appropriate). | |||||||||
| STUDY-UNIT TYPE | Lecture | |||||||||
| METHOD OF ASSESSMENT |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2026/7. It may be subject to change in subsequent years. |
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