NAICS Code 522320-01 - Banking Systems & Service-Electronic

Marketing Level - NAICS 8-Digit

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NAICS CODE 522320-01
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Looking for more companies? See NAICS 522320 - Financial Transactions Processing, Reserve, and Clearinghouse Activities - 27,119 companies, 105,303 emails.

NAICS Code 522320-01 Description (8-Digit)

The Banking Systems & Service-Electronic industry involves the processing and transmission of financial transactions through electronic means. This includes the use of electronic payment systems, such as credit and debit cards, online banking, and mobile banking applications. The industry also encompasses the development and maintenance of electronic banking software and hardware, as well as the provision of related services such as fraud prevention and risk management.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 522320 page

Tools

Tools commonly used in the Banking Systems & Service-Electronic industry for day-to-day tasks and operations.

  • Payment gateways
  • Electronic funds transfer (EFT) systems
  • Automated clearing house (ACH) systems
  • Mobile banking applications
  • Online banking platforms
  • Point-of-sale (POS) terminals
  • Card readers
  • Fraud detection software
  • Risk management software
  • Encryption software

Industry Examples of Banking Systems & Service-Electronic

Common products and services typical of NAICS Code 522320-01, illustrating the main business activities and contributions to the market.

  • Electronic payment processing companies
  • Online banking service providers
  • Mobile banking application developers
  • Electronic funds transfer (EFT) service providers
  • Point-of-sale (POS) system providers
  • Card reader manufacturers
  • Fraud prevention service providers
  • Risk management service providers
  • Encryption software developers
  • Electronic banking software developers

History

A concise historical narrative of NAICS Code 522320-01 covering global milestones and recent developments within the United States.

  • The "Banking Systems & Service-Electronic" industry has a long history of technological advancements and innovations. The first electronic funds transfer system was introduced in the 1970s, and by the 1980s, the industry had developed automated teller machines (ATMs) and point-of-sale (POS) systems. In the 1990s, online banking and bill payment systems were introduced, and the industry continued to evolve with the introduction of mobile banking and payment systems in the 2000s. In recent years, the industry has focused on improving security measures and enhancing customer experience through the use of artificial intelligence and machine learning. In the United States, the "Banking Systems & Service-Electronic" industry has seen significant growth in recent years. According to a report by Statista, the number of mobile banking users in the United States is projected to reach 93.3 million by 2022, up from 82.5 million in 2018. The industry has also seen an increase in the use of contactless payment systems, such as Apple Pay and Google Wallet. In response to the COVID-19 pandemic, the industry has accelerated the adoption of digital banking and payment systems, as more consumers have turned to online and mobile banking to avoid in-person transactions.