Tools commonly used in the Holding Companies (Bank) industry for day-to-day tasks and operations.

• Asset management software
• Risk management software
• Financial analysis tools
• Compliance management software
• Portfolio management software
• Investment tracking software
• Accounting software
• Loan origination software
• Customer relationship management (CRM) software
• Business intelligence tools

Common products and services typical of NAICS Code 551111-01, illustrating the main business activities and contributions to the market.

• Bank of America Corporation
• JPMorgan Chase & Co.
• Wells Fargo & Company
• Citigroup Inc.
• Goldman Sachs Group, Inc.
• Morgan Stanley
• U.S. Bancorp
• PNC Financial Services Group, Inc.
• Capital One Financial Corporation
• BB&T Corporation

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

• Bank Holding Company Act: A federal law that regulates the organization and activities of bank holding companies in the United States. It requires bank holding companies to register with the Federal Reserve and to follow certain regulatory requirements. (Provided by the Federal Reserve)
• Securities and Exchange Commission (SEC) Registration: Holding companies that own securities must register with the SEC. This registration requires the submission of detailed financial information and disclosures. (Provided by the Securities and Exchange Commission)
• Federal Reserve Membership: Holding companies that own banks may be required to become members of the Federal Reserve System. This membership requires compliance with various regulations and reporting requirements. (Provided by the Federal Reserve)
• State Business Licenses: Holding companies may be required to obtain business licenses from the state in which they operate. These licenses are typically issued by the state's department of revenue or business regulation. (Provided by the National Association of Secretaries of State)
• Anti-Money Laundering (AML) Compliance: Holding companies that own banks must comply with AML regulations, which require the establishment of policies and procedures to detect and prevent money laundering. (Provided by the Financial Crimes Enforcement Network)

A concise historical narrative of NAICS Code 551111-01 covering global milestones and recent developments within the United States.

• The history of the Holding Companies (Bank) industry dates back to the early 20th century when the first bank holding company was established in the United States. The Bank of America was the first bank holding company to be established in 1929. The establishment of bank holding companies allowed banks to expand their operations and diversify their services. In the 1980s, the industry experienced significant growth due to deregulation, which allowed holding companies to acquire other banks and expand their operations. In recent years, the industry has faced challenges due to increased regulation and the 2008 financial crisis, which led to the failure of several large holding companies such as Lehman Brothers and Bear Stearns.

The anticipated future trajectory of the NAICS 551111-01 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 Holding Companies (Bank) industry in the USA is positive, with steady growth expected in the coming years. The industry is expected to benefit from the continued growth of the US economy, as well as from the increasing demand for financial services. Additionally, the industry is likely to see increased consolidation, as larger holding companies acquire smaller ones to expand their operations and increase their market share. However, the industry may face challenges from regulatory changes and increased competition from non-bank financial institutions. Overall, the Holding Companies (Bank) industry is expected to remain a key player in the US financial sector in the coming years.

Recent groundbreaking advancements and milestones in the Holding Companies (Bank) industry, reflecting notable innovations that have reshaped its landscape.

• JPMorgan Chase & Co. launched a new digital bank called Finn, which is aimed at millennials and offers a range of mobile banking services.
• Bank of America introduced Erica, an AI-powered virtual assistant that helps customers manage their finances and provides personalized recommendations.
• Wells Fargo launched a new mobile app that allows customers to access their accounts, deposit checks, and make payments using their smartphones.
• Goldman Sachs launched Marcus, an online platform that offers personal loans and savings accounts to consumers.
• Citigroup introduced a new digital wallet called Citi Pay, which allows customers to make payments using their smartphones.
• Capital One launched a new chatbot called Eno, which helps customers manage their accounts and provides real-time alerts.
• PNC Financial Services Group acquired BBVA USA Bancshares, Inc., a move that is expected to expand PNC's presence in the southern US.
• U.S. Bancorp launched a new mobile app that allows customers to open accounts, apply for loans, and manage their finances using their smartphones.
• Ally Financial Inc. introduced a new digital investment platform called Ally Invest, which offers a range of investment products and services to consumers.
• Fifth Third Bancorp acquired MB Financial Inc., a move that is expected to expand Fifth Third's presence in the Chicago area.