More entrepreneurs are looking to their banks to be a one-stop shop for services needed to run their small businesses, said U.S. Bank’s Shruti Patel.
That has the Minneapolis-based lender keeping small-business owners’ needs top of mind in considering product development cycles, as the bank bolsters its digital capabilities, Patel said Oct. 27 at the Money20/20 conference in Las Vegas. Patel is the chief product officer for business banking at U.S. Bank.
For certain tools, U.S. Bank has partnered with fintechs Melio and Gusto, which hastened time to market, Patel said in an interview with the Dive Newsdesk. “We were able to build very quickly on their tech stacks while customizing the solution for our segment.”
The super-regional bank has also sharpened its focus on creating integrated experiences across digital banking platforms and business units at the bank, which serves 1.5 million small-business customers across the country, she said.
Money20/20 is owned by Informa, Banking Dive’s parent company.
