US Export Plan - Sector Report - Financial and BS

Table: Top Five Priority States for Scotland in the Sector

The table below provides a summary of the top five priority states identified in the Matrix model, which have been cross-referenced with research, analysis and stakeholder engagement.

State: California

Strengths:

• Well-known investor community and tech financial services subsector
• F&BS GDP: $1,349,443
• VC deals in F&BS: 271
• Active Asset Management Advisors: 34,546
• Total AUM: $1,174,896,228,882
• Number of banks: 915
• Life insurance premiums: $70,999,335,093
• Presence of F&BS businesses: 65,077

Notable sub-sector opportunities:

Banking, insurance, asset management and wealth management

Key risks/considerations for Scottish exporters:

• Highly competitive market dominated by major financial institutions and fintechs
• Very high operating and specialist‑talent costs
• Complex regulatory environment with strict state‑level financial and data‑privacy rules
• Licensing requirements for financial and fintech services creating entry barriers
• Strong competition for specialist skills driving wage inflation

State: New York

Strengths:

• World’s leading financial centre and home to the biggest financial institutions
• F&BS GDP: $1,091,676
• VC deals in F&BS: 215
• Active Asset Management Advisors: 146,870
• Total AUM: $406,238,013,900
• Number of banks: 585
• Life insurance premiums: $138,419,025,946
• Presence of F&BS businesses: 14,104

Notable sub-sector opportunities:

Securities and investment services, insurance, banking, asset management, professional services

Key risks/considerations for Scottish exporters:

• Extremely competitive environment dominated by global financial institutions and major multinationals
• Very high operating and staffing costs in NYC
• Regulatory scrutiny is among the toughest in the US, especially around cybersecurity, data and financial conduct
• Large clients tend to prefer established providers, creating entry barriers for smaller international firms

State: Florida

Strengths:

• Hub for international banks and strong cluster of FinTech firms and investment companies
• F&BS GDP: $689,473
• VC deals in F&BS: 66
• Active Asset Management Advisors: 26,006
• Total AUM: $355,428,162,960
• Number of banks: 608
• Life insurance premiums: $47,068,797,127
• Presence of F&BS businesses: 26,423

Notable sub-sector opportunities:

Insurance, banking, securities & investment / wealth management

Key risks/considerations for Scottish exporters:

• Rapidly growing but increasingly competitive financial market, particularly in Miami’s international banking hub
• Regulatory and tax environment differs significantly from northern financial centres, requiring localised compliance knowledge
• Strong presence of international banks and fintech firms makes differentiation challenging
• Market expectations for bilingual capability and cross‑border financial expertise due to Latin American links

State: Illinois

Strengths:

• Global hub for financial risk products and strong academic institutions
• F&BS GDP: $401,398
• VC deals in F&BS: 40
• Active Asset Management Advisors: 23,858
• Total AUM: $431,262,337,470
• Number of banks: 293
• Life insurance premiums: $29,124,124,526
• Presence of F&BS businesses: 10,017

Notable sub-sector opportunities:

Banking, insurance, and securities, investment & asset management

Key risks/considerations for Scottish exporters:

• Competitive financial hub dominated by major exchanges, insurers and investment firms
• Strong local preference for established providers already embedded in Chicago’s financial infrastructure
• High regulatory expectations in sectors like insurance and derivatives, requiring strong compliance capabilities
• Intense competition for specialist financial and data‑driven talent linked to Chicago’s trading and analytics ecosystem

State: Texas

Strengths:

• Home to major regional banks and strong commercial lending presence
• F&BS GDP: $864,899
• VC deals in F&BS: 62
• Active Asset Management Advisors: 22,040
• Total AUM: $416,869,078,200
• Number of banks: 510
• Life insurance premiums: $47,433,751,584
• Presence of F&BS businesses: 30,417

Notable sub-sector opportunities:

Asset management and private equity, banking, insurance

Key risks/considerations for Scottish exporters:

• Highly competitive market with rapid growth in Dallas–Fort Worth and strong domestic financial institutions
• Preference for firms with established US presence due to scale of corporate and commercial banking activity
• Complex regulatory landscape including state‑specific licensing and compliance expectations
• Intense competition for specialist finance and tech skills as the sector expands