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

• Core banking software
• Loan origination software
• Customer relationship management (CRM) software
• Anti-money laundering (AML) software
• Risk management software
• Mobile banking apps
• Online banking platforms
• Automated clearing house (ACH) software
• Fraud detection software
• Electronic funds transfer (EFT) software

Common products and services typical of NAICS Code 522110-05, illustrating the main business activities and contributions to the market.

• Personal banking
• Small business banking
• Commercial lending
• Wealth management
• Treasury management
• Mortgage lending
• Credit card services
• Investment banking
• Cash management
• Merchant services

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

• FDIC Insurance: State commercial banks must be insured by the Federal Deposit Insurance Corporation (FDIC) to protect depositors in case of bank failure. The FDIC is an independent agency of the federal government that provides deposit insurance to protect depositors in the event of bank failure.
• State Banking License: State commercial banks must obtain a banking license from the state in which they operate. The requirements for obtaining a state banking license vary by state, but generally include meeting certain capital requirements, passing a background check, and demonstrating knowledge of banking regulations.
• Anti-Money Laundering (AML) Compliance: State commercial banks must comply with AML regulations to prevent money laundering and terrorist financing. The Bank Secrecy Act (BSA) requires banks to establish AML programs that include policies, procedures, and internal controls to detect and report suspicious activity.
• Community Reinvestment Act (CRA) Compliance: State commercial banks must comply with the CRA, which requires banks to meet the credit needs of the communities in which they operate, including lowand moderate-income neighborhoods. Banks are evaluated on their CRA performance by federal regulators.
• Fair Lending Compliance: State commercial banks must comply with fair lending laws, which prohibit discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or receipt of income from public assistance programs. Banks are subject to fair lending examinations by federal regulators.

A concise historical narrative of NAICS Code 522110-05 covering global milestones and recent developments within the United States.

• The State Commercial Banks industry has a long and rich history dating back to the early 19th century. The first state-chartered bank was established in 1803 in New York, and by the mid-1800s, most states had established their own state-chartered banks. These banks played a crucial role in financing the growth of local businesses and industries. In the United States, the industry has undergone significant changes in recent years, particularly in the aftermath of the 2008 financial crisis. The industry has seen a wave of consolidation, with many smaller banks merging with larger ones to remain competitive. Additionally, the rise of digital banking has transformed the way that consumers interact with their banks, with many customers now preferring to conduct their banking online or through mobile apps. Despite these challenges, the industry has remained resilient, adapting to changing consumer preferences and regulatory requirements to remain a vital part of the US financial system.

The anticipated future trajectory of the NAICS 522110-05 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The future outlook for State Commercial Banks in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for loans and other financial services. The industry is also expected to benefit from the growing economy and low unemployment rates. However, the industry may face challenges due to the increasing competition from other financial institutions and the changing regulatory environment. To stay competitive, State Commercial Banks may need to invest in new technologies and expand their product offerings. Overall, the industry is expected to continue to grow and remain an important part of the US economy.

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

• Mobile Banking: State Commercial Banks have introduced mobile banking apps that allow customers to access their accounts, transfer funds, and pay bills from their smartphones.
• Online Account Opening: Some State Commercial Banks now allow customers to open new accounts online, making it easier and more convenient for customers to do business with them.
• Contactless Payments: State Commercial Banks have started to offer contactless payment options, such as Apple Pay and Google Wallet, which allow customers to make payments using their smartphones or other mobile devices.
• Personalized Services: State Commercial Banks are now offering personalized services to their customers, such as financial planning and investment advice, to help them achieve their financial goals.
• Cybersecurity: State Commercial Banks are investing in cybersecurity measures to protect their customers' data and prevent cyber attacks. This includes using advanced encryption technologies and implementing multi-factor authentication for online banking.