Credit & Insurance 

FinTech

Banking

Digital banking and mobile payments. Blockchain and cryptocurrency. Cashless and frictionless transactions. A wave of disruption is forcing change in the financial services industry. Firms, from large banks to emerging FinTech startups, are increasingly looking to the Detroit Region to help create new innovations and navigate the path forward. In addition to being the home of financial giants like Ally Financial, Quicken Loans, and United Shore, Detroit was chosen by the FinTech Consortium as the flagship North American location for its “FinTech Bay,” which will provide co-working space, and serve as an incubator for startups and technology. Detroit has been named the new headquarters of TCF Financial, a result of the company’s recent merger with Chemical Financial. This merger positions TCF as one of the 50 largest banks in the U.S., and a top 10 Midwest-based bank. The Detroit Region is well suited to help the world’s leading financial services companies position themselves for growth and a sustainable future.

Businesses

%

5-Year Historic Growth

Workers

%

5-Year Forecasted Growth

Finance and Insurance Degrees Conferred

Median Wage

Industry Sales

The #1 U.S. retail lender and #1 wholesale mortgage lender are headquartered in the Detroit Region

 

Three regional Detroit finance and insurance companies made the 2019 Inc. 5000 list: FormulaFolio Investments, USA Financial & Provision Insurance Group

%

5-Year forecasted job growth in consumer lending and credit

people work in the consumer lending and credit sector

%

5-Year forecasted job growth in consumer lending and credit

Regional Investment Spotlight

ALLY SIGNS 12-YEAR LEASE AT ALLY DETROIT CENTER

In 2015, Ally Financial Inc. moved 1,300 employees into One Detroit Center, which was renamed Ally Detroit Center, occupying 13 floors and more than 300,000 square feet.

“Like the city of Detroit, Ally is continuing to evolve and build upon a strong heritage, this is an exciting time for our company and bringing all of our Southeast Michigan-based associates together in one impressive building in the heart of the city sets the stage for our next chapter, which will be rooted in innovation, creativity and a strong and vibrant culture. Detroit is now a city with a lot of vitality, a strong base of talent and an exciting future, thanks in large part to the efforts of Dan Gilbert and Mayor Duggan. We look forward to being a key corporate partner to them and the community.”

-Ally Chief Executive Officer Jeffrey J. Brown

Sources: U.S. Census Bureau, U.S. Bureau of Labor Statistics, EMSI, U.S. News and World Report, Wall Street Journal, C2ER, Detroit Regional Chamber