Financial Services

In the Detroit Region

Industry Overview

The Detroit Region is leading the finance technology revolution known as fintech in banking and insurance.​

Technology is revolutionizing every aspect of how the world spends money and moves currency. With our legacy of success in the financial services industry, companies trust that the Detroit Region has the innovative ecosystem and top tech talent they need to stay ahead of the competition.

  • 94,498 Financial & Insurance Workers in the Region, 2023
  • +6% Job Growth in 5 years
  • 6,999 Businesses , 2023
  • $30.8 Billion Gross Regional Product, 2023
  • $104,715 Annual Average Wages, 2023
  • #1 U.S. Location for Fastest Growing Startup is Detroit, 2023

Greater Michigan is home to some of the nation’s most notable companies. We see a bright future here and intend to continue our commitment to Detroit. PwC chose Detroit for a new Network Information Security office and Security Operations Center because of the region's lower cost of living.

-Ray Telang, Managing Partner of PricewaterhouseCoopers LLP

Data Source: CrunchBase, Lightcast (formerly Emsi)


Workforce

The Detroit Region is a top location for finance and business talent.

  • 44,645 Customer Service Representatives, 2023
  • 46,644 General & Operation Managers, 2023
  • 27,774 Software Developers, 2023
  • 21,569 Bookkeeping & Accounting Workers, 2023
  • 11,871 Financial Managers, 2023
  • 11,712 Loan Officers and Tellers, 2023
  • Detroit is the #3 Metro for Technology Talent Quality vs. Costs

Click below to explore financial services related occupation groups in the Region:

Data Source: CBRE, Lightcast (formerly Emsi)


Talent Pipeline

Companies locating in the Detroit Region can quickly tap into the extensive higher-education pipeline to meet their talent needs.

  • 65,969 degrees completed annually in the Region
  • 31,101 degrees completed in Business and Finance related programs.
  • 65% of Michigan graduates stay in state, MEDC 2017

Explore key professional services programs in and around the Detroit Region:

Data Source: Lightcast (formerly Emsi), IPEDS


Financial Services Ecosystem

Prominent finance companies are increasingly choosing to expand their operations in the Detroit Region because of its low cost of business, high-quality talent, and prime location.

The Region is home to 17 Fortune 1000 company headquarters. These companies have more than 795,000 employees worldwide and a combined revenue of $465+ billion in 2021. The Region added two new companies to the Fortune 1000 list from 2019—2022.

Data Source: Fortune Media


Industry Resources in the Region

 Michigan Banking Association  is a trade association of Michigan financial institutions which currently includes more than 2,300 branches located throughout the state with combined assets of over $150 Billion.

 Michigan Association of Certified public Accountants  Founded in1901, the mission is to enhance the success of CPAs and their value in society. Located in Troy's Financial District with over 8,000 members in metro Detroit and 19,000 throughout the state.

The Federal Reserve Bank of Chicago, Detroit Branch was founded in 1929 and is the only Chicago branch, the current building in Detroit was an $80 million investment and completed in 2005. Now the branch is home to a high speed cash processing unit but there’s more to Detroit than cash. There’s a  visitors center  / museum, economic research groups, community development and policy studies departments. ​

FinTech

With its top talent and historic expertise, the Detroit Region is proud to optimize your growth and pioneer the future of FinTech together.

Detroit is the #4 Top FinTech Hub, CBRE Financial Services U.S. Metros Ranking, 2019

FinTech Success Stories

BENZINGA is a Detroit-based company providing financial news and analytics, such as stock earnings, for investors and brokerages. In 2021, the company was valued at more than $300 million and has 150 content contributors.

BANKJOY creates digital products that offer multiple features, while its banking API (Application Programming Interface) is designed to be a bridge between financial institutions and fintech organizations. The company grew to more than 1 million members nationwide in 2021, adding three new credit unions to its platform.


Investment Spotlight


Business Climate

The Detroit Region consists of 11 counties along the Great Lakes shoreline, conveniently located right on the U.S.-Canada border. At the heart of the region is the City of Detroit, famously known as the Motor City and the birthplace of the automotive industry. The Region is also home to major cities, including Ann Arbor, Flint, Dearborn, Novi, and Southfield.

Together, the counties operate as a collaborative business network and one of the most innovative and diverse communities in the United States.


A Top state for Business

The Detroit Region provides a highly-competitive business case for any investment project. Michigan ranks among the top 10 states for new and expanded facilities due to a new, simpler, and more competitive corporate income tax.

#5 Top State for Affordability, U.S. News and World Report 2019

# 11 Top State for Doing Business, increasing 13 spots from 2019 to 2021, CNBC

#12 Best State for Business Tax Climate, Tax Foundation, 2023




Contact Us

Phone: 313.518.5600

Office: 1001 Woodward Ave. Suite #800 Detroit, MI 48226 United States

Reach out for your local project partner!


Explore other key industries in the Detroit Region:

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1001 Woodward Ave Suite 800, Detroit, MI 48226