Two-thirds of businesses across Europe believe that legacy banks are too slow to meet their financial needs, according to a new survey conducted by global financial app Revolut Business and market research firm Dynata.
The survey also found that nearly 80 per cent of businesses have faced issues with high fees, slow transactions and poor mobile experiences from traditional banks.
These concerns are driving businesses toward fintech solutions, with many companies seeking more agile and efficient alternatives. In response to this trend, Revolut has launched Business 5, an updated platform designed to improve the user experience for larger enterprises with features like faster navigation and streamlined payment tools.
James Gibson, general manager at Revolut Business, commented: “When we started Revolut Business in 2017, we knew that businesses wanted a 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.”
Business 5
Revolut Business 5 is designed to offer faster navigation, personalised layouts, as well as easy access to card details and analytics. Updated features also include B2B SEPA Direct Debits, streamlined payment tools for online and in-person sales, dedicated treasury tools for currency exchange and multi-layered approval options for managing team spending across departments.
“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 and want a solution that moves with the technology of the day,” Gibson also added.
Revolut’s insights
Revolut’s survey of 500 UK businesses found that nearly four out of five businesses think fintech innovation is superior to that of ‘legacy banks’. Two-thirds of businesses believe that their peers are increasingly turning to fintechs to handle their business banking needs.
Three out of five of UK businesses surveyed think that fintechs have more to offer them than ‘legacy banks’ when it comes to their business banking.
Revolut says its Business clients, which include global fitness brand Barry’s, have already seen significant efficiency gains from the platform’s financial tools.
