New data shows most small businesses plan to keep staff intact, even as nearly 40% expect AI to significantly reshape how they manage their finances.
New research from Bluevine–the largest small business banking platform in the U.S.–shows that small business owners (SBOs) see AI’s potential to shake up how they manage their finances–but unlike corporations making headlines for AI-driven layoffs, most SMBs say they’re not planning to cut jobs because of it.
Through internal and external polling of thousands of SBOs across the first half of the year, Bluevine’s research showed that despite the buzz around automation, 60% of small business owners say they have no plans to reduce their headcount due to AI in the next two years. As showcased in the research, for Main Street businesses AI isn’t about replacing people–it’s about helping existing teams work smarter, and that’s a cause for excitement with 60% of SBOs polled saying they’re optimistic about AI’s effect on their business.
“AI applications–if properly built–can serve as a way to help small business owners punch above their weight class. And when they do, it’s interesting that they’re not looking to cut headcount but rather are using AI to enhance their business outlook,” Eyal Lifshitz, co-founder and CEO of Bluevine, said about the research. “They’re curious about AI but made it known they want clarity, security, and tools that actually fit their business. That’s the conversation we need to be having.”
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To that end, businesses are exploring practical ways to use AI with top AI use cases including marketing and sales (39%), business data and insights (33%), and customer service support (28%). Internal spend data from Bluevine DDA customers across the past two years largely backs up that polling: The AI tools that saw the largest percentage increase in Bluevine customer usage were ChatGPT (436%), Cursor (22,100%,), Fireflies (169%), Runway (129%), and Otter (76%).
Overall, the use of AI in the SMB space is growing exponentially, with Bluevine checking account client data showing an increase of 410,900% in usage of AI systems by SBOs across the country over the past two years. All of which highlights another key point: Small business owners that hesitate to implement AI systems now are at risk of falling behind their early adopter counterparts.
“It’s an exciting time for small business owners,” Lifshitz continued about the research. “AI is making it so that small business owners are able to operate more efficiently and effectively than ever before. This has the opportunity to strengthen the path of small business ownership for future generations.”
Still, big barriers stand in the way before widespread adoption is possible: 23% of survey respondents say security risks and potential data breaches are their top worries when considering whether to use AI apps for financial tasks. Beyond security, SMBs worry about cost (9%), whether AI can be trusted to make accurate decisions (17%), and headaches integrating new tools with their current banking systems (5%). Meanwhile, 18% say AI isn’t on their radar for managing finances.
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