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

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

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

• Payment Card Industry Data Security Standard (PCI DSS): A set of security standards designed to ensure that all companies that accept, process, store or transmit credit card information maintain a secure environment. The standard is maintained by the Payment Card Industry Security Standards Council (PCI SSC).
• Certified Information Systems Security Professional (CISSP): A globally recognized certification in the field of information security. It is offered by the International Information System Security Certification Consortium (ISC)².
• Certified Information Security Manager (CISM): A certification for information security managers offered by the Information Systems Audit and Control Association (ISACA).
• Certified In Risk and Information Systems Control (CRISC): A certification for IT professionals who identify and manage risks through the development, implementation and maintenance of information systems controls. It is offered by ISACA.
• Certified Fraud Examiner (CFE): A certification for professionals who investigate fraud and financial crimes. It is offered by the Association of Certified Fraud Examiners (ACFE).

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.

The anticipated future trajectory of the NAICS 522320-01 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Growing

  The future outlook for the industry "Banking Systems & Service-Electronic" in the USA is positive. The industry is expected to grow due to the increasing demand for electronic banking services. The COVID-19 pandemic has accelerated the adoption of digital banking services, and this trend is expected to continue in the future. The industry is also expected to benefit from the increasing use of mobile devices and the internet. The industry is expected to face challenges such as cybersecurity threats and regulatory compliance. However, the industry is expected to overcome these challenges by investing in advanced technologies and collaborating with regulatory authorities.

Recent groundbreaking advancements and milestones in the Banking Systems & Service-Electronic industry, reflecting notable innovations that have reshaped its landscape.

• Mobile Banking: The introduction of mobile banking has revolutionized the banking industry. Customers can now access their accounts, transfer funds, and pay bills using their mobile devices.
• Online Banking: Online banking has made it easier for customers to manage their accounts and conduct transactions from anywhere at any time.
• Contactless Payments: The introduction of contactless payments has made it easier for customers to make payments without the need for physical contact.
• Biometric Authentication: The use of biometric authentication such as fingerprint and facial recognition has made banking more secure and convenient for customers.
• Blockchain Technology: The use of blockchain technology has made it possible to conduct secure and transparent transactions without the need for intermediaries.
• Artificial Intelligence: The use of artificial intelligence has made it possible to provide personalized banking services to customers and improve the efficiency of banking operations.
• Chatbots: The use of chatbots has made it possible to provide 24/7 customer support and improve the customer experience.
• Open Banking: The introduction of open banking has made it possible for customers to share their financial data with third-party providers to access new services and products.
• Digital Wallets: The introduction of digital wallets has made it easier for customers to store their payment information and make payments using their mobile devices.
• Real-Time Payments: The introduction of real-time payments has made it possible to conduct transactions instantly, improving the speed and efficiency of banking operations.