Major Group SIC 60 - Depository Institutions

SIC 60 - Depository Institutions

SIC 60 - Depository Institutions
SIC 01 - Agricultural Production Crops SIC 02 - Agricultural Production Livestock And Animal Specialties SIC 07 - Agricultural Services SIC 08 - Forestry SIC 09 - Fishing, Hunting, And Trapping SIC 10 - Metal Mining SIC 12 - Coal Mining SIC 13 - Oil And Gas Extraction SIC 14 - Mining And Quarrying Of Nonmetallic Minerals, Except Fuels SIC 15 - Building Construction General Contractors And Operative Builders SIC 16 - Heavy Construction Other Than Building Construction Contractors SIC 17 - Construction Special Trade Contractors SIC 20 - Food And Kindred Products SIC 21 - Tobacco Products SIC 22 - Textile Mill Products SIC 23 - Apparel And Other Finished Products Made From Fabrics And Similar Materials SIC 24 - Lumber And Wood Products, Except Furniture SIC 25 - Furniture And Fixtures SIC 26 - Paper And Allied Products SIC 27 - Printing, Publishing, And Allied Industries SIC 28 - Chemicals And Allied Products SIC 29 - Petroleum Refining And Related Industries SIC 30 - Rubber And Miscellaneous Plastics Products SIC 31 - Leather And Leather Products SIC 32 - Stone, Clay, Glass, And Concrete Products SIC 33 - Primary Metal Industries SIC 34 - Fabricated Metal Products, Except Machinery And Transportation Equipment SIC 35 - Industrial And Commercial Machinery And Computer Equipment SIC 36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment SIC 37 - Transportation Equipment SIC 38 - Measuring, Analyzing, And Controlling Instruments Photographic, Medical And Optical Good SIC 39 - Miscellaneous Manufacturing Industries SIC 40 - Railroad Transportation SIC 41 - Local And Suburban Transit And Interurban Highway Passenger Transportation SIC 42 - Motor Freight Transportation And Warehousing SIC 44 - Water Transportation SIC 45 - Transportation By Air SIC 46 - Pipelines, Except Natural Gas SIC 47 - Transportation Services SIC 48 - Communications SIC 49 - Electric, Gas, And Sanitary Services SIC 50 - Wholesale Trade-durable Goods SIC 51 - Wholesale Trade-non-durable Goods SIC 52 - Building Materials, Hardware, Garden Supply, And Mobile Home Dealers SIC 53 - General Merchandise Stores SIC 54 - Food Stores SIC 55 - Automotive Dealers And Gasoline Service Stations SIC 56 - Apparel And Accessory Stores SIC 57 - Home Furniture, Furnishings, And Equipment Stores SIC 58 - Eating And Drinking Places SIC 59 - Miscellaneous Retail SIC 60 - Depository Institutions SIC 61 - Non-depository Credit Institutions SIC 62 - Security And Commodity Brokers, Dealers, Exchanges, And Services SIC 63 - Insurance Carriers SIC 64 - Insurance Agents, Brokers, And Service SIC 65 - Real Estate SIC 67 - Holding And Other Investment Offices SIC 70 - Hotels, Rooming Houses, Camps, And Other Lodging Places SIC 72 - Personal Services SIC 73 - Business Services SIC 75 - Automotive Repair, Services, And Parking SIC 76 - Miscellaneous Repair Services SIC 78 - Motion Pictures SIC 79 - Amusement And Recreation Services SIC 80 - Health Services SIC 81 - Legal Services SIC 82 - Educational Services SIC 83 - Social Services SIC 84 - Museums, Art Galleries, And Botanical And Zoological Gardens SIC 86 - Membership Organizations or Unions And Similar Labor Organizations SIC 87 - Engineering, Accounting, Research, Management, And Related Services SIC 89 - Services, Not Elsewhere Classified SIC 96 - Administration Of Economic Programs

This major group includes institutions that are engaged in deposit banking or closely related functions, including fiduciary activities.

Industry trends:

The depository institutions sector (NAICS 60) is experiencing several notable qualitative trends. Digital transformation continues to be a significant trend, with banks increasingly investing in fintech and digital solutions to enhance customer experience. This includes the adoption of mobile banking, artificial intelligence for personalized services, and blockchain for secure transactions. The COVID-19 pandemic accelerated this shift, with consumers and businesses alike favoring digital interactions over traditional in-person banking.

Sustainability is also becoming a core focus, as more institutions integrate Environmental, Social, and Governance (ESG) criteria into their operations and investment strategies. This trend is driven by both regulatory pressures and heightened consumer awareness around sustainability issues.

A significant challenge facing the sector is the rising threat of cybersecurity attacks. Banks are ramping up investments in cybersecurity measures to protect customer data and maintain trust. Regulatory changes, particularly those related to data privacy and financial conduct, continue to shape the industry's operational landscape.

Looking forward, we can expect continued growth in digital banking services, with an emphasis on enhancing cybersecurity frameworks and integrating advanced technologies like machine learning and blockchain. There will also be a greater focus on sustainable finance, with depository institutions increasingly playing a role in funding green projects and incorporating ESG criteria into their lending practices.

This industry is comprised of:

SIC 601 - Central Reserve Depository Institutions

SIC 602 - Commercial Banks

SIC 603 - Savings Institutions

SIC 606 - Credit Unions

SIC 608 - Foreign Banking And Branches And Agencies Of

SIC 609 - Functions Related To Depository Banking

Explore related industries:

SIC 61 - Non-depository Credit Institutions SIC 62 - Security And Commodity Brokers, Dealers, Exchanges, And Services SIC 67 - Holding And Other Investment Offices

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