To enhance customer service, US Bank officials said the institution has created a digital option for small businesses to apply for and to receive loans or credit lines.
“We created this new digital experience to deliver on our commitment to continuously improve the way we serve our customers,” Tim Welsh, U.S. Bank vice chairman of Consumer Banking Sales and Support, said. “This is the first of several exciting digital initiatives we’re pursuing that we believe will better serve the needs of small businesses and consumers.”
Bank officials said the digital process serves as a portion of a broader evolution of how the bank interacts with customers, noting single-owner businesses within U.S. Bank’s 25-state footprint can qualify for up to $250,000 through the all-digital process.
The application can be completed on any device, officials said, via mobile, tablet or computer. If approved, it will allow the borrower to review their loan details and electronically sign their closing documents.
“We know business owners want their bank to provide simple and secure solutions that they can access despite having very busy schedules,” Scott Beyer, vice president and agile experience owner for U.S. Bank, said. “Imagine getting business financing through a trusted national source after your kids are in bed or before your weekend morning crew arrives for work? Now, thanks to U.S. Bank, it’s possible.”
The bank’s 2018 Small Business Survey revealed nearly two out of three business owners referenced they could do better managing their workload and personal time, with an overwhelming majority also expressing a desire to use multiple channels to interact with their business bank.