U.S. Bank Business Essentials named Best New Product by Tearsheet

Business Essentials brings together checking and payments into a single, unified experience

U.S. Bank Business Essentials won the Best New Product award at Tearsheet’s The Big Bank Theory Awards, a recognition program that spotlights innovation in banking and embedded finance across the financial services industry.

About Tearsheet and The Big Bank Theory Awards

Tearsheet is an independent media company that covers the transformation of financial services. The Big Bank Theory Awards program recognizes financial institutions and technology companies that are advancing the way banking products are built, distributed and experienced. Winning Best New Product in this program signals meaningful industry recognition for a product’s real-world impact and design.

What Business Essentials does

U.S. Bank Business Essentials is a combined checking and payments solution built for small business owners who want to manage banking and card payment acceptance in one place. The product brings together two functions that have traditionally required separate tools and accounts.

Key features include:

• Same-day funding – business owners get faster access to their revenue
• Unlimited digital transactions – no per-transaction fees on everyday digital activity
• Co-Browse Assist onboarding – a guided, screen-sharing setup experience that helps new clients get up and running quickly

“While accolades were never the motivation behind our efforts, it is truly gratifying to see our commitment acknowledged by industry leaders,” said Shruti Patel, chief product officer and executive vice president, Business Banking Segment. “This recognition serves as a meaningful affirmation of the hard work and dedication that fuel every innovation we bring to our clients.”

Why Business Essentials was built

Research confirmed a clear gap in how small businesses were managing their finances. According to the 2025 U.S. Bank Small Business Owner Survey, published by U.S. Bank, 80% of small business owners wanted more digital tools and 82% sought a streamlined, consolidated solution. Business Essentials was built directly in response to those findings, eliminating the friction of managing separate checking and payment systems.

Client response and measurable impact

Business owners who have adopted Business Essentials have praised the product for its simplicity, speed and day-to-day convenience. Merchant services monthly activations have increased since launch, and checking account production has grown, driven by engagement from new client segments. Specific performance figures are available upon request.

Learn more about Business Essentials.