For decades, most small-business card issuers have marketed credit cards based on commoditized features such as rewards programs, cash-back bonuses, annual percentage rates, and fees. Banks remain slow to add digital enhancements, and even slower to market them as differentiating factors in their card offerings.

Several fintechs have exploited this status quo by touting digital features that help small businesses generate true time and cost savings and run their operations more smoothly. This report provides an overview of digital best practices among fintech card issuers, and explores how banks can implement digital functionality that will strengthen their relationships with business customers, and provide a compelling reason for business owners to stick with cards offered by their primary financial institution.

Key questions discussed in this report:

• What digital card management functionality should banks and credit unions adopt to strengthen their credit card programs?
• What digital tools should FIs implement to make cards essential elements of small businesses’ operations?
• What are best-practice examples of these digital functionalities and tools?
• What role can cards play within the broader relationship between small businesses and FIs?

Companies Mentioned:

Abacus, American Express, Bank of America, Bento, Brex, Capital One, Divvy, Expensify, Huntington Bank, Lili, QuickBooks (Intuit), Ramp, Stripe, U.S. Bank, Wells Fargo, Xero