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

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

 

by SARA KHAIRI

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

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

  • the latestย trendsย in the SMB sectorย 
  • whetherย conditionsย have improvedย 
  • ways in which financial institutions canย strengthenย their supportย 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 โ€“ have things turned for the better stepping into 2024?ย 

Shruti Patel:ย Last year, U.S. Bank conducted a nationwideย surveyย 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.ย 

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”

Member Exclusive, Opinion

Letter from the Editor: Financial services have always relied on one thing. AI is taking it away.

  • As AI agents assume more responsibility for commerce, the transaction remains visible, but the decision-making behind it becomes increasingly opaque.
  • Financial services are reconstructing the decision trail AI has hidden. That's why the industry's conversation increasingly revolves around intent, context, governance, permissions, explainability, and accountability.
Sara Khairi | July 10, 2026
AI Innovation, Member Exclusive, Payments

Paper still defines payments’ last mile. J.P. Morgan Payments thinks AI and robotics can tackle that.

  • Most payment discussions assume the biggest challenge is moving money from Point A to Point B. What if the bigger bottleneck is actually the operational noise surrounding the payment?
  • Investing in checks sounds like a step backward, but J.P. Morgan Payments is doing exactly that โ€“ because paper checks still create the greatest operational friction in the modern financial system.
Sara Khairi | July 09, 2026
Banking, Business of Fintech, Member Exclusive

Revolut’s US bet: A bank charter, a stablecoin pitch, and a graveyard of European challengers that tried before it

  • Revolut filed for a US national bank charter in March 2026 to break free from its partner-bank arrangement.
  • The firm is betting on stablecoins and cross-border/multi-currency banking to win over international-minded US customers, backed by a $500 million commitment and a buildout led by new US CEO Cetin Duransoy.
Rabab Ahsan | July 07, 2026
AI Innovation, BNPL, Member Exclusive

Why BNPL infrastructure needs to learn a new acronym: KYA (Know Your Agent)

  • As AI agents take a larger role in commerce, BNPL providers may need to rethink whom or what they evaluate when approving transactions.
  • Zip Co's Rory Herriman believes a future payments ecosystem may need to prove that an agent had authority to act, but also that the action reasonably reflected the user's objectives.
Sara Khairi | July 02, 2026
Member Exclusive, Podcasts

Trust, stablecoins, and the AI margin squeeze: What McKinsey and QED’s fintech report means for banks

  • Max Flรถtotto, who leads McKinseyโ€™s global retail banking practice, and Mike Packer, a partner at QED Investors, just co-authored a report mapping where fintech goes next โ€” and they agree on almost everything in it.
  • We dig into why โ€œa feature is no longer a fintech,โ€ why only 1% of stablecoin volume is actual end-user payments, and why the simplest version of banking โ€” deposits and loans โ€” may be the part most at risk from AI agents.
Zack Miller | July 01, 2026
More Articles