How financial firms are stepping up with new tools, experiences, and guidance to serve SMBs

Financial service providers continuously balance their desire to meet the expectations of their SMB customers with their abilities to realistically serve them. Financial firms serving SMBs are addressing these challenges through a diverse array of new products and services.

What do SMBs expect from their financial services providers?

SMBs are keen to invest in AI and boost their digital payment adoption. Concurrently, they expect their financial service providers to focus on these areas. Tearsheet reported on prominent industry leaders highlighting the eventual convergence of advanced AI and digital payment solutions for SMBs. The demand for more integrated solutions is expected to grow with the introduction of new technology.

Better integration leads to more transparency and better cash flow management for SMBs. “We’re seeing small businesses look for more integrated and smoother payment solutions to make it more efficient to run their businesses,” said Gina Taylor Cotter, EVP & GM, of Small Business Products at American Express. “They need a full view of their money in, money out, and money at rest so they can find efficiencies and make the right decisions for their business. This is where I spend a lot of time focusing,” she said.

To get a better view of their finances, SMBs will need to seek out new solutions and new solution providers. They’re starting with AI and payments. “Small businesses expect to partner with payments innovators who understand their unique set of needs and challenges and offer solutions, tools, and resources that help them sustain and grow their businesses. They are really looking at their FI/financial firms to be a one-stop shop for all of their financial needs and questions, including things like AI,” said Veronica Fernandez, SVP and Regional Head of Visa Commercial Solutions for North America.

SMBs are looking to be more efficient with fewer resources and tools. As they expand their operations, they seek financial products and services flexible enough to accommodate diverse industry types, geographical locations, and company sizes, while also addressing their challenges such as cash flow management.

“Small businesses want to do more with their financial tools and are looking for software solutions that can help solve their unique needs,” said David Talach, Senior Vice President of QuickBooks Platform and Money Offerings at Intuit. “These business owners need – and expect – fully embedded digital experiences that combine a holistic view of money flows with access to faster payments, capital, payroll, and banking services in one place.”