As SMBs move toward a fully digital banking environment, they are placing a premium on a simple, consolidated banking experience.

Fifty-three percent of SMB owners prefer to default to their personal bank for business banking, Nick Cowell, partner and United States banking strategy leader at consulting firm Deloitte, said at the recent CBA Live 2025 in Orlando, Fla.

Additionally, about 80% of millennial-owned SMBs would opt for a purely digital banking experience if given the opportunity to easily connect accounts, Cowell said.

Siloed tech undermines CX

Banks are listening.

Truist, for one, recognizes the value of a streamlined customer experience , Eric Lewis, executive vice president and interim head of small business banking at Truist, said at the event.

“We know that banks can be notoriously siloed, and that client experience can suffer if, within the same institution, they feel like they’re talking to a different bank depending on the service that they’re looking for,” Lewis said.

$531 billion Truist’s SMB-focused online banking platform consolidates multiple tools on one home screen, including:

• Account management;
• Transfer and pay;
• Payroll;
• Mobile deposits; and
• Business administration allowing various company members account access.

“Everything that we are doing from a strategic standpoint in small business is very much focused on creating that holistic experience for the client,” Lewis said.

Less is more

But a holistic banking experience for SMBs doesn’t just amount to a broad array of digital tools on a single platform, Shruti Patel, chief product officer for business banking at the $665 billion U.S. Bank, told Bank Automation News.

If banks are able to streamline back-office operations through digital solutions, she said, they will be able to aid and tap into the rapid growth of so-called “microbusinesses,” which are defined as business with annual revenues less than $1 million. There were an estimated 34 million businesses in the U.S. at the end of 2024, 70% of which fall into this category of SMB.

Simplicity is key, Patel added. Eighty percent of 1,000 SMBs said there are too many digital tools available, often overwhelming them, she said, citing U.S. Bank’s 2024 Small Business Perspective report, published in August 2024.

“What [SMBs] are looking for is something simple: back-office management.”

— Shruti Patel, chief product officer for business banking, U.S. Bank 

These clients are looking for a digital “one-stop shop” for their needs, which include:

• Cash flow and workflow automation;
• Automated accounts payable and receivable solutions; and
• Embedded payroll.

U.S. Bank plans to simplify digital banking for SMBs by integrating the bank’s payments capabilities with its software solutions, Patel told BAN.

“We are investing heavily in seamless account opening features,” she said, emphasizing easy access to working capital through operating and savings accounts.

The bank is engaging with SMBs by offering financial incentives for new accountholders through March 31 for completing qualifying transactions, which include:

• Zelle pay;
• Mobile deposits;
• ACH payments; and
• Mobile bill pay.

Both new and existing accountholders have the option to connect third-party accounting and budgeting programs to their accounts, according to the bank’s terms.

The incentives for new accountholders include bonuses ranging from $500 to $900 and waived monthly maintenance fees, according to the bank.

Register here for the upcoming Bank Automation News webinar “Emerging fintechs: New technologies you need to know now” on Tuesday, April 8, at 11 a.m. EST.