Revolut has released a comprehensive survey revealing that nearly two-thirds (63%) of businesses believe that legacy banks fail to meet modern financial needs promptly. Conducted in partnership with Dynata, this study covered close to 3,000 businesses across seven European countries and highlights the challenges companies face with traditional banks, prompting them to pivot toward fintech solutions for efficiency and innovation.
Key Findings of the Study
The survey underscores widespread dissatisfaction among business leaders with legacy banks. It found that nearly four out of five (79%) businesses reported various challenges, including high fees, sluggish transaction processes, and inadequate mobile banking experiences. This growing dissatisfaction is pushing businesses to explore fintech alternatives that offer faster service, better user experiences, and cost-effective solutions.
Among larger enterprises, three in five (64%) expressed concern over being left behind by competitors without the necessary fintech support, further accelerating the shift to more adaptive financial technology services.
UK Businesses Leading the Trend
A focused survey of 500 UK-based businesses revealed that 77% believe fintechs lead the way in innovation compared to traditional banks. Additionally, two-thirds (66%) reported that their peers are increasingly adopting fintech solutions for business banking needs. About 61% of UK respondents also stated that fintech companies offer more comprehensive services than legacy banks.
Launch of Revolut Business 5
To meet these shifting needs, Revolut introduced Revolut Business 5, the latest iteration of its business financial management platform. This version aims to provide an enhanced user experience across mobile and desktop, specifically catering to large enterprises. Designed with efficiency and regulatory compliance in mind, Revolut Business 5 helps institutions save both time and resources.
New features include seamless navigation, personalized dashboards, and quick access to card details and data analytics directly from the home screen. Other upgraded tools consist of B2B SEPA Direct Debits, integrated payment solutions for both online and in-person sales, specialized treasury tools for currency management, and multi-layered approval workflows to oversee departmental spending efficiently.
Revolut Business 5 demonstrates Revolut’s commitment to supporting modern business needs, enabling clients to maintain agility, security, and competitiveness in an evolving financial landscape.
James Gibson, General Manager at Revolut Business, commented on the recent survey findings and emphasised Revolut Business’s capabilities: “When we started Revolut Business in 2017, we knew that businesses wanted a banking product that evolved with their needs and provided a customer experience you’d expect in this day and age. The demand for customer-orientated business accounts has only increased since then.
“As we launch Revolut Business 5, we know we’re giving customers the ability to find features faster, spend with precision, and manage payments easily. Revolut Business is continuing to grow, and look forward to welcoming more customers who are fed up with the existing status quo in Ireland and want a solution that moves with the technology of the day.”
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on fintech innovations, regulatory developments, industry insights, events, and collaborations between banks, insurers, and fintechs—a platform for C-level executives to submit thought leadership content for their peers. Subscribe for updates!
