U.S. Bank doubles down on small-biz growth

U.S. Bank is shifting its strategy to become a one-stop shop for small business owners. For retailers and service providers, this means your lender is likely going to push bundled services harder than ever before. The bank recently launched new business credit cards and is integrating these with their broader banking ecosystem to capture more market share. The goal is to move away from providing just a single loan or account and instead manage your entire financial workflow. This aggressive push comes as the bank reports record-high revenues in their payments division. If you are currently using U.S. Bank for your merchant processing or store credit programs, expect to see more integrated offers that combine your business banking with your customer payment tools. The bank is betting that by simplifying your back-end operations, they can keep your business long-term. This competition is generally good news for operators, as it usually leads to more competitive rates and better digital tools as lenders fight to be your primary partner. Keep an eye on new incentives for business credit lines, as these are a major focus for their growth plan through the end of the year.

Source: Banking Dive

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