By Shruti Patel, Chief Product Officer for Business Banking, U.S. Bank.
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Early in my career, a mentor pointed out something I hadn’t noticed about myself. In one-on-one conversations, I had strong perspectives on business decisions, but those views took a back seat in larger meetings. Their message was simple: if you have a point of view, use your voice.
That advice has stayed with me as I’ve watched the financial services industry evolve. Good judgment only has an impact if you’re willing to share it with others.
Progress often comes from new perspectives that challenge long-standing assumptions. Over the past decade, fintech companies have done exactly that by identifying customer pain points and developing new ways to address them. And, as fintech innovation has accelerated, banks across the industry have invested heavily in modern technology and digital capabilities to better serve their customers.
This has led to an evolution in how fintech companies and banks work together. Increasingly, partnerships combine fintech innovation with the scale, trusted relationships and infrastructure that banks bring to financial services to design faster, more comprehensive solutions for consumers and business customers.
Take digital banking as an example. Today’s consumers expect financial tools to work the way the rest of their digital lives do, with experiences that are simple, fast and seamless. Those same expectations apply to entrepreneurs and small businesses that juggle payments, payroll, invoicing and cash flow management across multiple systems. Many are looking for ways to bring those capabilities together in one place so they can spend less time managing tools and more time running their businesses, reinforcing the importance of continued investment in digital innovation.
One place where more voices are needed in our industry is access to capital. This is still a hurdle for many entrepreneurs, and women-led businesses in particular continue to face funding gaps. In our most recent U.S. Bank small business survey, 70 percent of respondents said securing funding and capital is more difficult today.
To help meet this challenge, U.S. Bank has invested heavily in building a robust digital journey that makes it easier for small businesses to apply for loans and get fast decisions. We also have prioritized making U.S. Small Business Administration loans, leading us to become the fourth-biggest lender by number of loans in the most recent fiscal year. In addition, we have focused on important industry segments such as healthcare, helping doctors, dentists and veterinarians obtain the financing they need to build thriving practices for their patients.
Ensuring entrepreneurs have access to the capital they need to grow remains an important priority and one that requires speaking up by both those who need capital and the banks and fintechs who are working to make it available. After all, think about how many fintechs that are providing those great innovative solutions started as small businesses in need of funding.
For women entrepreneurs and those building careers in banking, fintech or technology, the ability to speak up and share those perspectives is especially important. Early in their careers, many women may feel pressure to hold back or overthink how they show up in the room. But progress in this industry depends on creating space for people to challenge assumptions and bring new ideas forward.
In other words, the same lesson my mentor shared years ago still applies today. If you have a point of view, speak up.
