Tools commonly used in the Commercial Banks NEC industry for day-to-day tasks and operations.

• Loan origination software
• Risk management software
• Customer relationship management (CRM) software
• Accounting software
• Fraud detection software
• Payment processing software
• Data analytics tools
• Compliance management software
• Electronic signature software
• Mobile banking apps

Common products and services typical of NAICS Code 522110-03, illustrating the main business activities and contributions to the market.

• Small business loans
• Agricultural loans
• International banking services
• Wealth management
• Corporate banking
• Investment banking
• Personal banking
• Credit cards
• Mortgages
• Lines of credit

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Bank Secrecy Act/anti-Money Laundering (BSA/AML): This certification is required for all employees of commercial banks to ensure compliance with federal regulations that aim to prevent money laundering and terrorist financing. The certification is provided by the American Bankers Association (ABA) and the Association of Certified Anti-Money Laundering Specialists (ACAMS).
• Certified Regulatory Compliance Manager (CRCM): This certification is designed for compliance professionals in the banking industry and covers topics such as regulatory compliance, risk management, and ethics. The certification is provided by the Institute of Certified Bankers (ICB).
• Certified Information Systems Auditor (CISA): This certification is designed for professionals who audit, control, monitor, and assess information technology and business systems. It is relevant for commercial banks as they rely heavily on technology to conduct their operations. The certification is provided by the Information Systems Audit and Control Association (ISACA).
• Certified Fraud Examiner (CFE): This certification is designed for professionals who investigate fraud and financial crimes. It is relevant for commercial banks as they are often targeted by fraudsters. The certification is provided by the Association of Certified Fraud Examiners (ACFE).
• Certified Financial Planner (CFP): This certification is designed for professionals who provide financial planning services to individuals and businesses. It is relevant for commercial banks as they offer financial planning services to their clients. The certification is provided by the Certified Financial Planner Board of Standards (CFP Board).

A concise historical narrative of NAICS Code 522110-03 covering global milestones and recent developments within the United States.

• The "Commercial Banks NEC" industry has a long and rich history dating back to ancient times. The first banks were established in ancient Greece and Rome, where they provided loans to merchants and traders. In the Middle Ages, banks began to emerge in Europe, and by the 17th century, the first modern banks were established in Amsterdam and London. In the United States, the first commercial bank was established in 1781, and the industry has since grown to become a vital part of the country's economy. In recent history, the industry has faced significant challenges, including the 2008 financial crisis, which led to increased regulation and scrutiny of the industry. Despite these challenges, the industry has continued to evolve and adapt to changing market conditions, with the rise of digital banking and fintech being notable recent advancements.

The anticipated future trajectory of the NAICS 522110-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for the Commercial Banks NEC industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for banking services. The rise of digital banking and mobile banking has made banking services more accessible to customers, which has increased the demand for banking services. The industry is also expected to benefit from the growing economy and the increasing number of small businesses. However, the industry is also facing challenges such as increased competition from non-bank financial institutions and the threat of cyber attacks. Overall, the industry is expected to continue to grow in the coming years, but it will need to adapt to changing customer needs and technological advancements to remain competitive.

Recent groundbreaking advancements and milestones in the Commercial Banks NEC industry, reflecting notable innovations that have reshaped its landscape.

• Mobile Banking: Commercial Banks NEC have introduced mobile banking apps that allow customers to access their accounts, transfer money, and pay bills from their smartphones.
• Online Banking: Commercial Banks NEC have also introduced online banking services that allow customers to access their accounts, transfer money, and pay bills from their computers.
• Contactless Payments: Commercial Banks NEC have introduced contactless payment options such as Apple Pay and Google Wallet, which allow customers to make payments using their smartphones.
• Personalized Banking: Commercial Banks NEC have started to offer personalized banking services that cater to the specific needs of individual customers.
• Digital Lending: Commercial Banks NEC have started to offer digital lending services that allow customers to apply for loans online and receive funds quickly.
• Cybersecurity: Commercial Banks NEC have increased their focus on cybersecurity to protect customer data and prevent cyber attacks.
• Sustainability: Commercial Banks NEC have started to focus on sustainability by investing in renewable energy and reducing their carbon footprint.
• Financial Education: Commercial Banks NEC have started to offer financial education programs to help customers improve their financial literacy.
• Open Banking: Commercial Banks NEC have started to embrace open banking, which allows customers to share their financial data with third-party providers to access new services.
• Artificial Intelligence: Commercial Banks NEC have started to use artificial intelligence to improve customer service and automate processes.