Small Businesses Create Big Openings for Cross-Border Payments
PYMNTS | ·
Small businesses could give credit unions their next opening for growth, with demand for artificial intelligence financial tools running ahead of consumer interest. The PYMNTS Intelligence report “The Practical AI Opportunity: Why SMBs Want Guidance Before Automation” revealed in June that 75% of small- to medium-sized businesses (SMBs) said they would use at least one […] The post Small Businesses Create Big Openings for Cross-Border Payments appeared first on PYMNTS.com .
Small businesses could give credit unions their next opening for growth, with demand for artificial intelligence financial tools running ahead of consumer interest.
The PYMNTS Intelligence report “ The Practical AI Opportunity: Why SMBs Want Guidance Before Automation ” revealed in June that 75% of small- to medium-sized businesses (SMBs) said they would use at least one AI feature from their financial institutions within two years, compared with 59% of consumers. That 16-percentage-point gap points to an opportunity to help business owners manage their money.
The report found especially strong interest among high-revenue and profitable businesses, with owners seeking practical support for everyday financial decisions. The emphasis was on useful information that owners could act on while keeping control of their finances.
Key findings:
Other findings suggest credit unions have room to respond. The report showed that 49% of credit unions viewed AI and conversational assistants as a way to attract members, although AI agents ranked ninth among 13 innovation priorities.
The report recommended beginning with financial guidance and conversational tools, then expanding capabilities as institutions gain experience and members develop trust. It also identified partnerships with technology providers and credit union service organizations as a way to accelerate deployment.
Credit unions don’t have to replace all their existing systems to begin offering the practical assistance business owners want.
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The post Small Businesses Create Big Openings for Cross-Border Payments appeared first on PYMNTS.com .