What Business Categories Make Up Financial Services?
The financial services industry sectors (NAICS 52 & 53) provide related financial services to consumers and businesses. This is a broad segment of the economy, made up of a variety of financial firms including banks, credit unions, investment firms & advisors, business & consumer lenders, finance companies, real estate agents & brokers, and a range of insurance lines of business. Multinational conglomerates dominate this sector, but it also includes a diverse range of smaller companies that serve businesses and consumers in niche markets and small communities.
How Large Is The Financial Services Industry?
As described by SelectUSA.gov, “Financial markets in the United States are the largest and most liquid in the world. In 2018, finance and insurance represented 7.4 percent (or $1.5 trillion) of U.S. gross domestic product. Leadership in this large, high-growth sector translates into substantial economic activity and direct and indirect job creation in the United States.”
According to the Bureau of Labor Statistics Q1 2020 statistics for the number of establishments showed 506,985 in the Finance & Insurance sector, and 426,235 in the Real Estate, Rental, & Leasing sector. As of September 2020 there were almost 6.5 million persons employed in the former, and 2.2 million in the latter. In both cases the unemployment rates were well below the national rate in the midst of the COVID-19 pandemic.
Financial services and products help facilitate and finance the export of U.S. manufactured goods and agricultural products. In 2017, the United States exported $114.5 billion in financial services and insurance and had a $40.8 billion surplus in financial services and insurance trade (excluding re-insurance, the financial services and insurance sectors had a surplus of $69.6 billion).
Major Public U.S. Financial Services Companies (Revenue In Billions)
- Berkshire Hathaway (Conglomerate) – $247.5
- JP Morgan Chase (Banking) – $105.486
- Bank of America (Banking) – $91.24
- Wells Fargo (Banking) – $86.41
- Citigroup (Banking) – $72.85
- MetLife (Insurance) – $67.94
- Prudential Financial (Insurance) – $59.689
- Morgan Stanley (Investment Services) – $50.193
- American International Group (Insurance) – $47.39
- American Express (Financial Services) – $43.281
- Goldman Sachs (Investment Services) – $42.254
- Allstate (Insurance) – $39.815
- Travelers (Insurance) – $30.282
- Fannie Mae (Investment Services) – $21.9
- Aflac (Investment Services) – $21.758
- Freddie Mac (Investment Services) – $15.38
Financial Services Industry Trends
FinTech – This is the burgeoning area that includes platforms, processes, and products in the financial services industry that provide new ways for businesses and consumers to access and use financial services online. Financial services providers have embraced the trend toward financial technology solutions. Having been given a boost by the Covid-19 pandemic, FinTech is now considered an essential component of financial service business models. Competition is robust. There are literally thousands of companies worldwide offering FinTech solutions to financial services companies of all types. FinTech marketers need to approach financial services prospects with deep knowledge of who makes the purchase decisions and what they need most, if they expect to be relevant.
Online & Mobile Banking – A J.D. Power survey of customer behavior during the COVID-19 pandemic revealed trends that are already underway, and have accelerated. These new habits are likely to become permanent. Among the findings were the following (updated May 29-31, 2020):
- 25% deposited a check using a mobile phone (p24)
- 18% responded “very likely” to selecting an online bank without branches for their next checking, savings, or money market accounting. (p28)
- For the same question by age, 20% age 30-44 responded “very likely”. (p29)
- For bank mobile app use during COVID, 17% reported “I use it a lot more often”. (p35)
- 19% reported the same answer for laptop or PC usage during the pandemic. (p36)
Clearly, the adoption of online banking, both fixed and mobile has gained traction. Financial services businesses will obviously be of a mind to embrace this trend. They will need consultation and guidance in the choice, implementation and maintenance of these capabilities. As an extension of this phenomenon, the insurance, investment, and real estate sectors of the financial services industry have to varying degrees embraced offering services that allow clients and customers to perform more and more tasks remotely.
What Do Financial Services Businesses Need?
The Financial services sector is broad, with each component requiring its own particular form of financial technology support, physical infrastructure, human resource, legal, compliance, and back office support. Below are some of the areas in which banking, investment, insurance, and accounting businesses must be well-equipped in order to compete:
- Communication Services
- Generation-Based Customer Intelligence
- Payment Systems
- Retail Banking Infrastructure
- Custody Services For Trading & Portfolio Servicing
- Legal & Compliance Services (FINRA, OCC)
- Advertising & Marketing Services
- Client Reporting
- Back-Office Services
- Title Search Services
- Underwriting Services
- Credit Card Issuing, Processing, & Machine Services
- Wire Transfer Services
Would be suppliers of these products and services need to be found. A well optimized web presence becomes critical. Marketing automation tools that help manage prospect journeys is another part of the marketer’s repertoire. Accurate, human-verified email data is a valuable component of any outbound marketing campaign designed to generate leads by illustrating the benefits of a product or service.
Market To Financial Services With The Right Data
Mailinglists.com offers marketers the financial industry leads and data to reliably reach this valuable and disparate audience. Our 25 year partnership with Dun & Bradstreet puts the most accurate, comprehensive business database at our clients’ fingertips. World-class resources, including the D&B Data Cloud contribute to the depth and quality of our financial services data. Reach 26.5M+ U.S. businesses; 17.5M+ businesses with marketable records. The result is a full range of demographic, firmographic and geographic data for marketing to financial services providers of every size and description.
Databases and tools are available for identifying marketable financial services industry prospects. Our SIC & NAICS databases list entire industry sectors and selectable sub-sectors. Our database of UCC filings can identify potential prospects who depend on generating business financing by revealing borrowing history, pledged collateral, competitive lender interests, and more. Data append services help marketers complete their records for past and current customers, and prospects. These resources enable marketers to fine tune offers and resonate with their financial services prospect’s particular needs. Whatever the segment, marketers to financial services companies need a solid understanding of who they are, what they do, what they need, and perhaps important, who makes the decisions.
Reach The Financial Services Leaders Who Matter
Mailinglists.com provides the data that reaches executives by title, and by age. Many financial services positions require stringent accreditation or certification. Take advantage of our databases of licensed professionals to reach these highly qualified people. Titles include CEO, COO, CIO, head of procurement, licensed practitioner, and department heads.
When their day is done, they lead lifestyles that make them open to relevant offers consistent with their personal behaviors and interests. Contact executives at home, away from their challenging work lives (or even as they work from home) as an additional path to engagement. Their relatively undivided attention can translate into more business for marketers to the financial services industry.
Where Does Our Financial Services Data Come From?
Mailinglists.com offers a nationwide database of U.S. businesses to efficiently target any audience of financial services businesses. Our 25-year partnership with Dun & Bradstreet puts the most accurate, comprehensive marketing data at our clients’ fingertips.Target on a specific scale with our family of Small Businesses databases. Go straight to decision makers, including a database specifically targeting Executive Chairmen/CEOs. Select for certified and licensed financial professionals. Contact the women and minority owners who are leading growing companies across the retail trade spectrum. We have marketing data management relationships that can help reach in-market business prospects, and more.
A long list of lifestyle and associated psychographic data elements are also available, facilitating personalization. Our goal is to allow marketers to target their audiences using whatever approach they deem necessary to make contact and form relationships in a meaningful and lasting way. Call or contact us and one of our data professionals will assist you in making the right choice of the right data.
Essential Data Elements For Marketing To Financial Services
- Bus/Industry Type
- 4 Digit Sic Code
- H/Q Branch
- Number Of Employees
- Phone Number
- Fax Numbers
- Sales Volume
- Year Started
- Small Office/Home Office
- Women Owned Businesses
- Minority Owned Businesses
- Small Growth Companies
- Executives At Home
- Sales Forecast
- Branch Office
Financial Services Data Hygiene
The growth of non-bank financial services businesses, often characterized by more streamlined structures, poses a new competitive challenge to traditional institutions. Startup hiring gives birth to new records for contacts in responsible positions. Manufacturing and retail concerns are establishing financial services arms as a way to capture customer data while they reap interest income from instruments such as credit cards. The same is true for vast, global financial services providers employing armies of personnel as they adapt. The result is often a churn rate manifesting itself as data decay. Mobility is one thing, but when companies merge or go out of business, making an up to date suppression file a must-have. Data decay must be recognized and planned for when deploying marketing campaigns. To meet the demand for accuracy and freshness, compiled data sources are continuously monitored through our HyperHygiene® process to ensure high levels of deliverability and response.
Build Your Financial Services Industry Marketing List
Whatever product or service you offer, Mailinglists.com has the data and the expertise to build the right mailing list to reach your ideal audience in the diverse categories that comprise the financial services sector. We begin with your customer and contact list. Then by matching and adding relevant records, and appending data elements wherever needed, we help you build out a robust foundation of marketable leads targeting the segments of the financial services industry that meet your marketing needs. For 25 years our goal has been to help marketers reach the right audience with the right data at the right price.