U.S. Bank Chief Product Officer for Business Banking Shruti Patel is looking to streamline digital banking offerings for small and medium-sized businesses using human touch and technology. 

The bank is deploying AI for several use cases as SMBs are demanding AI-driven tools, Patel told Bank Automation News. 

“It’s clear AI is no longer an emerging trend. It’s already reshaping operations for many small businesses,” Patel said. “Nearly nine in 10 owners also say that using gen AI allows them to spend more time on the personal connection they have with their customers.” 

Sixty-three percent of SMBs are overwhelmed by the digital tools needed to run a business and 82% want digital banking tools to be consolidated, according to U.S. Bank’s 2025 Small Business Perspective report, issued June 16.

The $659 billion bank is “focused on solving this pain point by delivering a seamless integrated experience across banking, payments and software, making it easier for small business owners to run their business,” Patel said. 

The Minneapolis-based bank is looking to develop tech in-house and work with fintechs to develop solutions or acquire them to embed their services in the bank’s offerings, Patel said. 

“We acquired Bento four years back and since then we have developed a fully custom spend management platform for our small business card owners on the Bento tech stack,” Patel said. 

• U.S. Bank acquired SMB tech provider talec in 2019; and
• Travel expense management provider Travel Bank in 2021. 

BAN sat down with Patel to discuss the evolving landscape of SMB banking. What follows is a lightly edited version of the conversation. 

Bank Automation News: How is U.S. Bank using digital transformation to enhance the banking experience for SMBs? 

Shruti Patel: With eight in 10 small business owners saying consolidating their digital tools is a priority for streamlining their workflow, U.S. Bank is focused on delivering interconnected products such as banking and payments in a seamless experience for our clients.  

In April, we launched Business Essentials, a premier all-in-one checking account combined with payments acceptance capabilities. Businesses can sign up with a single application process and manage their cash flow all in one place 

BAN: What roles do AI and automation play in improving productivity and financial management for SMB clients? 

SP: Looking broadly across business owners in our recent survey, it’s clear AI is no longer an emerging trend. It’s already reshaping operations for many small businesses. More than half of respondents said they are either currently using gen AI for their business or plan to in the next 12 months. Interestingly, this is consistent across generations.  

We can see that many business owners are using gen AI to improve their productivity, with the majority using it to streamline content creation, customer communication, data analysis and workflow management. Nearly nine in 10 owners also say that using gen AI allows them to spend more time on the personal connection they have with their customers. 

At U.S. Bank, we are incorporating AI into our own operations and in innovations that benefit clients. For example, to make our interactions with customers as frictionless as possible, our customer service teams use AI for call transcriptions, knowledge bases that give the representatives quicker access to the information they need and personalized product recommendations. Smart assistants, fraud detection and tools to make our bankers more efficient are other AI use cases that can benefit small business owners.  

BAN: With the increasing reliance on digital solutions, how is U.S. Bank ensuring the cybersecurity of its SMB clients? 

SP: Eighty-five percent of small business owners are at least somewhat concerned about fraud or cybersecurity threats, and 56% are very or extremely stressed. 

Digital is only as good as the trust the client has in it. We take that very seriously. Banks have the responsibility of managing people’s money and serving as custodians for millions of customers’ finances. U.S. Bank has a 100-plus-year legacy as a trusted partner. We recognize our role in safeguarding our customers’ finances and their data — whether it’s online or in the app or in the branch network. 

We invest in banking, card services and treasury management tools to fight fraud, rolling out new functionality for our clients while being committed to making digital payments safe and secure. Real-time fraud detection tools, trusted device and biometric solutions, and enhanced methods to store customer data are all steps we are taking at U.S. Bank.  

BAN: How does U.S. Bank collaborate with fintechs to provide solutions tailored for SMBs? 

SP:  As one example, our Spend Management solution that launched earlier this year is an outcome of our acquisition of fintech Bento Technologies. Spend Management is built directly into our existing business credit card experience and gives clients much greater ability to monitor, track and control their card-based spending — all without additional applications or setup. 

We also expect to announce additional value-add solutions later this year that are outcomes of partnerships with leading fintechs. We are always looking to offer integrated experiences in areas that include enhanced accounts payable and accounts receivable tools, embedded cashflow management and more. 

BAN: What emerging technologies will have the greatest impact on the SMB banking sector in the next five to 10 years? 

SP: Generative AI is already having an impact, as we’ve seen. That will continue and accelerate. Pay-by-bank methods for transmitting payments to businesses as well as real-time payments use at scale are both growing opportunities for banks. Finally, using stablecoins for payment purposes is another innovation worth watching.  

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