- Two-thirds of businesses say traditional banks are too slow
- Four in five have problems with their exisitng banks
- Revolut is updating its Business features
Traditional high street banks have been criticized in a new study for being too slow and cumbersome for the modern needs of small businesses.
A report from Revolut claims many businesses are turning their backs on traditional banks in favor of newer fintech solutions.
The study of more than 2,800 business leaders across Europe found nearly two in three (63%) view traditional banks as too slow to meet their financial needs, with four in five (79%) experiencing high fees, delayed transactions and poor mobile functionality. Moreover, two in three (64%) large businesses are worried about being left behind by competitors without the right fintech support.
SMBs want more agile banking
In the UK specifically, more than three-quarters (77%) think fintech innovation is superior to legacy banks, with three-fifths (61%) believing that fintechs can offer them more than legacy banks when it comes to their unique business needs.
“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," noted James Gibson, General Manager at Revolut Business.
In light of the findings and the desire among businesses for a more modern and flexible approach to finances, the company has launched Revolut Business 5 with faster navigation, personalised layouts, and easy access to card details and analytics for the mobile experience.
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