10-Q, Member Exclusive

How SMBs are defying the odds: 3 questions with U.S. Bank’s Shruti Patel

  • Despite the challenges, small businesses are pressing on.
  • Shruti Patel, the CPO for the Business Banking Segment at U.S. Bank, shares insights on the latest trends in the SMB sector, whether conditions have improved, and ways in which FIs can strengthen their support for SMBs.
close

Email a Friend

How SMBs are defying the odds: 3 questions with U.S. Bank’s Shruti Patel

Back to basics: Banks refocus on small businesses for growth prospects.

 

by SARA KHAIRI

 25% increase in median revenue over the past 18 months and are optimistic for the future. However, this doesn’t discount the fact that they still confront their fair share of challenges.

I had a discussion with Shruti Patel, the Chief Product Officer for the Business Banking Segment at U.S. Bank, regarding:

  • the latest trends in the SMB sector 
  • whether conditions have improved 
  • ways in which financial institutions can strengthen their support for SMBs

Before joining U.S. Bank, Patel served as the Director of Partnerships at Shopify, where she focused on building partnerships and engaging with software development.

What challenges are SMB owners facing today – have things turned for the better stepping into 2024? 

Shruti Patel: Last year, U.S. Bank conducted a nationwide survey of small business owners to study the complexities they are facing today. The small business owners identified their top stressors as obtaining enough funding to support their business (80%), supply chain issues (78%), needing to upskill their workforce (74%), staffing shortages (77%), and competitors in the marketplace (79%).

Small business owners wear a lot of hats to face these challenges and ensure their business runs smoothly. As a result, one of the greatest problems SMB owners face today is lack of time. Although 88% of small business owners said they feel personally fulfilled by their work, 83% felt stressed by their workload and lack of time to do everything they need. 

I believe digital solutions can play a huge role in addressing this dynamic. 82% of small business owners say that investing in digital solutions would reduce stress in their day-to-day life and 42% say digital solutions free up time, allowing them to focus on more strategic responsibilities. There is a need for financial institutions and other providers to help small business owners find innovative solutions through digital tools that can save them time and energy.

How are SMBs finding ways to keep moving forward?


subscription wall for TS Pro

0 comments on “How SMBs are defying the odds: 3 questions with U.S. Bank’s Shruti Patel”

10-Q, Member Exclusive

Bank of America on unlocking greater accessibility in reward programs

  • How effective are reward programs in retaining customers, how do different generations interact with them, and how accessible are they to the average consumer?
  • Shikha Narula, Bank of America's Head of Rewards, shares how Bank of America's Preferred Rewards program measures and evaluates its performance in these areas.
Sara Khairi | November 25, 2024
10-Q, Member Exclusive

Trump 2.0: Can Wall Street handle round two?

  • With the leader now chosen, it's time to face the bigger question: what impact will Trump's victory have on the nation, the economy, and the banking sector?
  • While there’s plenty of talk around this topic, we narrow in on the core cause-and-effect dynamics that could unfold in the banking sector.
Sara Khairi | November 18, 2024
10-Q, Member Exclusive

The little-noticed side of TikTok finance: From off-the-wall money tips to fresh perspectives

  • Following TikTok for financial advice is about learning to separate the real value from the misleading chatter.
  • We look at one of the more grounded voices in the TikTok financial space and discuss why her content may make practical sense for those looking to improve their financial journey -- especially women.
Sara Khairi | November 11, 2024
10-Q, Member Exclusive

What practices could differentiate banks in the talent war, even if they ruffle their feathers?

  • Reports of sudden deaths among young people, including One Direction's Liam Payne, have raised alarms. A recent case in the financial sector linked to brutal work hours has particularly gained attention and unsettled the industry.
  • Banks are keen to attract top talent through job fairs and internships, yet may miss out on addressing what employees value beyond salary.
Sara Khairi | November 04, 2024
10-Q, Member Exclusive

Banks are maturing in their AI journey, but is ROI still a distant goal?

  • We look at the progress banks have made on their journey toward AI maturity.
  • Traditional banks are making progress with the integration of advanced AI, but are we jumping the gun by seeking ROI from banks’ foundational AI investments at this point?
Sara Khairi | October 28, 2024
More Articles