U.S. Bank is developing AI- and automation-driven solutions to improve productivity for its small and medium-sized business clients. 

Nearly 71% of U.S.-based SMBs think that digital solutions including AI and financial management tools can make their jobs easier, according to the U.S. Bank 2024 Small Business Perspective survey published on Aug. 26. U.S. Bank surveyed 1,000 U.S. small business owners between April 25 and May 20, the report stated.

“Sixty percent [of respondents] said they are already using AI tools for automation, which can include customer service, operation improvement, personalized customer recommendations and other tools,” Shruti Patel, chief product officer for business banking at U.S. Bank, told Bank Automation News. “A lot of these businesses expressed the sentiment that this is essential to drive not only profitability but also worker productivity.” 

According to the survey: 

• 80% of respondents want banking, payments and operations digital tools; 

• 37% of respondents want fraud prevention tools; and 

• 36% of respondents want efficient processes and improved overall productivity. 

SMBs expect their operations and financial tasks to be integrated seamlessly on one platform, Patel said, adding that “many owners are juggling multiple unconnected solutions, which costs them time and money.” 

“We know small businesses are relying more and more on software to run businesses efficiently,” Patel said. “We are addressing this pain point, and we’re focused on bringing small business owners a seamless experience that integrates their digital banking and payments solutions and streamlines their cash flow and workflow.” 

Cash flow is a top concern for business owners, Patel said, adding that U.S. Bank launched an AI-driven cash forecasting tool in 2022 that allows its small business clients to see a 90-day forecast of their cash flow, with the ability to leverage clients’ external data in addition to their U.S. Bank accounts. 

“Fraud prevention is top of mind for many small business owners, with four in 10 looking to digital tools to help them on this front,” Patel said. The $669 billion bank is developing the tech internally as well as working with vendors for the technology. 

U.S. Bank’s consumer banking division already uses AI to prevent fraud, Alberto Casas, head of product for global treasury management, previously told BAN, adding that the business banking division is also looking to deploy AI and gen AI to improve fraud-fighting solutions for its clients. 

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