Key Takeaways
- While Huntington and Goldman Sachs differ in their approaches, both aim to boost small businesses by providing them with AI tools.
- Huntington's 1866 Studio, launched in partnership with Google, offers small business owners a suite of AI agents to streamline noncore operations.
- The studio aims to provide access to tools for managing daily business operations.
- Huntington's move aligns with a trend of lenders and tech companies offering AI tools to small businesses.
Forward Look
Huntington is unveiling its 1866 Studio with eight initial AI agents, but plans to have over 60 available within a year, according to President Brant Standridge.
Huntington's Strategy
Huntington aims to empower entrepreneurs with agentic AI tools to streamline operations and recapture time for core business activities. The $288 billion-asset bank unveiled its 1866 Studio, named for its founding year, offering small businesses a suite of AI-driven solutions.
Goldman Sachs' Initiative
Simultaneously, Goldman Sachs launched its Small Business AI Institute, a $500 million effort focusing on AI education, research, and supporting AI-enabled projects to expand small businesses' access to capital.
Target Market
Huntington's 1866 Studio targets businesses with up to $2 million in revenue, particularly owner-operator firms managing multiple non-core functions.
Studio Features
The 1866 Studio combines financial (banking, payments) and non-financial (HR, marketing, inventory management) tasks into a comprehensive small business operating system. It also includes a module for aspiring entrepreneurs to navigate the steps of starting a business. Standridge compares the design to a smartphone with apps, envisioning a rapid release schedule of AI agents.
Market Opportunity
With 36 million small businesses nationwide and a high level of interest in the 1866 Studio, Huntington sees significant potential for growth in 2027, beyond its recent acquisitions.
Goldman Sachs' Survey
Goldman Sachs' survey revealed that 76% of small business respondents expressed interest in AI tools for their operations.