US Bank just rolled out a new tool to give small business clients a 90-day forecast (and historical view) of their cash flow.
A whopping 89% of small-to-medium businesses feel underserved by their primary banks, according to a recent Capgemini study, but personalized, value-add tools can help buck the trend.
US Bank just added a new tool to its arsenal as it aims to become a one-stop-shop for business owners.
The tool draws on customers’ bank data as well as any external sources they connect, like accounting software, to forecast cash flow, and will eventually include the ability to calculate predictions for different “what if?” scenarios.
Providing business customers “with a more comprehensive view of the health of their business” is a “differentiator” for US Bank, chief digital officer for small business, Irv Henderson, told Insights Distilled, and fits into its mission to help SMBs “run their business operations more efficiently.”
US Bank created the tool through a “close partnership” between its in-house development team and a fintech partner, Henderson said, a model which enables its strategy of “bringing innovative new solutions and tools to our customers.”
Ultimately, US Bank’s Business Essentials suite allows it to add value and build stronger relationships with small businesses customers at a time when competition (between rival banks and between banks and fintechs) is hotter than ever.