Utah’s financial services industry is its largest and fastest-growing key industry. Utah is home to 51 banking institutions (valued at over $800 billion) including national, regional, community and industrial banks.
The state’s credit union industry includes 64 institutions with over $37 billion in assets. Thanks especially to a growing technology industry, Utah also punches above its weight in venture capital and deal flow growth.
Utah’s financial services industry has experienced employment growth of more than 18% over the past five years, and has an employee base of over 84,000 workers.
Utah was ranked the 8th best state in the 2021 State Business Tax Climate Index compiled by the Tax Foundation.
SoFi, MX Technologies, Lendio, HealthEquity, Womply, and many others make up a growing fintech sector.
Utah’s 14 industrial banks held $140.6 billion in assets at yearend 2019, equating to 93.5% of the U.S. total for industrial banks and 0.8% of the U.S. total for any type of bank insured by the Federal Deposit Insurance Corporation.
Twelve education institutions in Utah offer programs related to financial services, and Brigham Young University is nationally acclaimed for accounting and finance programs.