SIC Code 60-67 describes the activities of financial institutions, including banks, insurance companies, and real estate brokers. Other business classification systems also exist, including the NAICS Code system. This system is used by the US government to classify businesses for statistical purposes. The SIC Code is also used for identifying common job titles.
SIC codes are a standard way for businesses to describe themselves. They were developed by the Office of Management and Budget. Eventually, they were replaced with the North American Industry Classification System (NAICS). However, they continue to be used by various government agencies. They are divided into 83 two-digit major groups, and further subdivided into 416 three-digit groups and over 1,000 four-digit industries.
The financial institutions sic code is used by the government to categorize companies. For example, SIC Code 64929 describes activities of mortgage finance companies, non-deposit taking finance houses, specialist consumer credit grantors, and other financial intermediation. These firms also provide financial advice to consumers.
The SIC code helps businesses and financial institutions identify their target market. They use it to create targeted marketing campaigns, identify competition, and obtain government contracts. SIC codes are also used by the government to organize key economic data. This makes it easier for federal agencies to compare data. SIC codes are also used in company filings and tax classification.