Huntington wants to win small businesses before they become banking customers

Huntington Bank is shifting its strategy to reach small business owners long before they need a traditional bank loan. Through its new '1866 Studio,' the bank is developing digital tools designed to help you manage your daily operations, such as spend management and cash flow tracking. For retail operators, this signals a major shift in how you interact with financial institutions. Instead of just being a place to store money or apply for credit, banks are trying to become your primary software provider. The goal is to integrate their services into your checkout and back-office workflows early on. By providing these 'business-in-a-box' tools, Huntington aims to capture data on your business performance in real-time. This data-driven approach could eventually make it easier for you to secure financing or offer customer payment plans because the bank already understands your cash flow. If you are currently using multiple third-party apps to manage your finances, you may soon see your primary bank offering all-in-one alternatives that compete directly with fintech startups.

Source: Tearsheet

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