Small businesses have historically felt underserved by their financial institutions, which has led to an increase in efforts to offer tools like personalized analytics and business projections.
American Express just launched a new digital cashflow-management hub for its small business customers – called Business Blueprint – that builds off its 2020 acquisition of SMB lender Kabbage.
The tool includes cashflow analysis, two years of historical transaction data, expense alerts notifying customers of increased spend, 30-day cash-balance projections, and an easy way to apply for products like credit lines.
The tools originated with Kabbage, but have received enhancements and additional features since the acquisition.
“Many of the core Kabbage team members continue to build this within Amex,” a spokesperson told Insights Distilled.
The new hub fits with Amex’s “vision of becoming a digital one-stop shop for small businesses’ financial needs,” according to exec Anna Marrs. Trying to win over the SMB market has become a priority for a host of other banks as of late, sparking an influx of innovative digital tools and partnerships.
For example, Westpac is working with Rich Data Co on AI-powered business loans, Standard Chartered has partnered with upSWOT on personalized tools for SMBs, US Bank has worked with an unnamed fintech to help SMBs predict their future cashflow, and Barclays is partnering with UK fintech Liberis to make cash advances faster and easier.