Analysis of the Financial Service Industry and Square Inc.

Square Inc.
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Abstract
Square Inc. is a company responsible for digital payments and financial services. It operates in different countries with different political ideologies, thus heavily impacting its position. The company faces political pressure regardless of democracy and other democratic institutions' interventions. The company conducts a business with constant legal issues and heavily relies on judiciary independence to resolve any possible financial claim. The business and commercial decisions are significant for the company since they determine its continuity and the ability to engage in proprietary technology. The changing lifestyles across the globe impact Square's ability to engage its customers. The major economic forces impacting Square and the financial industry include price fluctuations, inequality index, and workforce productivity. Besides, the key factors impacting the financial service industry and Square Company include 5G infrastructure, E-commerce, and FinTech services. Lastly, the legal forces surrounding the financial sector and Square Inc. include consumer protection laws, data protection laws, and employment laws.
Introduction
The paper will be based on the financial service industry and Square Company. The financial service sector is one of the rapidly growing financial sectors due to the increased rate of digitalization. The financial service industry is composed of companies that offer financial services to people (Alt et al., 2018). The industry comprises financial firms, including insurance companies, banks, lenders, finance companies, and investment houses. Most conglomerates dominate the financial service industry due to their high profitability. Financial services are also critical since they shape fund transfers in different countries. Square Inc. is a company that plays a significant in the financial service industry. It is an American company responsible for digital payments and financial services. The company is located in San Francisco and was established by McKelvey Jim in 2009 (Square Inc., 2021). It was launched in 2010 and trades as a public company abbreviated as SQ. The company's name originated from its services that provide payment platforms to medium and small businesses. The company is also known for unique services such as Cash App, which assist in monetary transfer between businesses and users. Another type of service that the company provides is after-pay which allows for later payment. The identified services give the company a higher competitive advantage in the industry. The company has also invested in other areas, such as bitcoins. For instance, its assets worth $ 50 million are invested in bitcoin (Square Inc., 2021). Therefore, Square's financial investment and unique services place it in a better position in the financial industry.
NAICS classification code is a vital element for every business or company. It is a classification system that gives companies respective and unique codes, which prevents them from any alteration or legal issues. NAICS was developed purposely to assist in data collection and analysis of company benefits and financial position to unde...