Tools commonly used in the Savings Institutions-Except Federal industry for day-to-day tasks and operations.

• Loan origination software
• Core banking system
• Customer relationship management (CRM) software
• Online banking platform
• Fraud detection software
• Risk management software
• Loan servicing software
• Accounting software
• Compliance management software
• Electronic signature software

Common products and services typical of NAICS Code 522180-03, illustrating the main business activities and contributions to the market.

• Mutual savings banks
• Building societies
• Cooperative banks
• Credit unions
• Community banks
• Industrial banks
• Trust companies
• Mortgage lenders
• Consumer finance companies
• Microfinance institutions

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

• Mortgage Loan Originator License: A license required by the Nationwide Mortgage Licensing System and Registry (NMLS) for individuals who originate mortgage loans. This license is mandatory for employees of savings institutions who work in the mortgage lending department.
• Certified Regulatory Compliance Manager (CRCM): A certification offered by the American Bankers Association (ABA) that demonstrates expertise in regulatory compliance. This certification is relevant for savings institutions as they are subject to various regulations.
• Certified Financial Services Auditor (CFSA): A certification offered by the Institute of Internal Auditors (IIA) that demonstrates expertise in auditing financial services institutions. This certification is relevant for savings institutions as they are subject to audits.
• Anti-Money Laundering (AML) Certification: A certification offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS) that demonstrates expertise in detecting and preventing money laundering. This certification is relevant for savings institutions as they are subject to AML regulations.
• Certified Information Systems Auditor (CISA): A certification offered by ISACA that demonstrates expertise in auditing information systems. This certification is relevant for savings institutions as they are subject to various regulations related to information security.

A concise historical narrative of NAICS Code 522180-03 covering global milestones and recent developments within the United States.

• The Savings Institutions-Except Federal industry has a long history dating back to the 19th century. The first savings bank in the United States was established in 1816 in Philadelphia, and by the mid-1800s, savings banks had become a popular way for people to save money. In the early 20th century, savings institutions began to offer home mortgages, which helped to fuel the growth of the housing market. In the 1980s, the industry faced a crisis due to high interest rates and increased competition from other financial institutions. Many savings institutions failed, and the industry underwent significant consolidation. In recent years, the industry has seen steady growth due to low interest rates and a strong housing market. The Savings Institutions-Except Federal industry in the United States has undergone significant changes in recent history. In the aftermath of the 2008 financial crisis, many savings institutions faced increased regulation and scrutiny. The industry has also faced increased competition from online banks and other financial institutions. However, the industry has adapted to these challenges and has continued to grow. In recent years, the industry has benefited from low interest rates and a strong housing market. Overall, the Savings Institutions-Except Federal industry has a long and storied history, and it continues to play an important role in the US financial system.

The anticipated future trajectory of the NAICS 522180-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Savings Institutions-Except Federal industry is expected to experience growth in the coming years due to the increasing demand for financial services. The industry is expected to benefit from the growing economy, low unemployment rates, and rising interest rates. However, the industry is also expected to face challenges such as increased competition from other financial institutions and the threat of cyber attacks. To remain competitive, companies in the industry are expected to invest in technology and innovation to improve their services and customer experience. Overall, the industry is expected to experience moderate growth in the coming years.

Recent groundbreaking advancements and milestones in the Savings Institutions-Except Federal industry, reflecting notable innovations that have reshaped its landscape.

• Digital Banking: Many Savings Institutions-Except Federal have introduced digital banking services to provide customers with more convenient and accessible banking options.
• Mobile Banking: The industry has also introduced mobile banking apps that allow customers to access their accounts and perform transactions on their mobile devices.
• Online Account Opening: Some companies in the industry have introduced online account opening services to make it easier for customers to open accounts.
• Personalized Services: Many Savings Institutions-Except Federal have started offering personalized services to customers to improve their experience and retain their loyalty.
• Financial Education: Some companies in the industry have started offering financial education programs to help customers improve their financial literacy and make better financial decisions.