To effectively serve small and medium-sized businesses (SMBs), banks must focus on addressing specific workflows and pain points. A survey indicates that many SMB owners struggle with workload management and lack appropriate digital tools. In response, US Bank has introduced innovative products, including a spend management platform and a comprehensive checking account. These offerings stem from a strategic combination of fintech acquisitions and internal innovation, particularly the acquisition of Bento Technologies, aimed at creating an interconnected banking ecosystem that simplifies financial management for SMBs.
Bento Technologies' software was complementary to our existing capabilities at US Bank... but it was important to integrate the functionality deeply within the US Bank platforms in order to expand the reach and bring the benefits to as many SMBs as possible.
Only 35% of SMB owners report that they are able to manage their workload and have enough time to complete all of their tasks. And less than half (48%) report that they have the right digital tools to manage their business.
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