Revolut has launched a new survey which shows that two-thirds of companies believe that 'legacy banks' are too slow to adapt to modern business needs. Following this announcement, the survey of nearly 3.000 businesses has revealed that leaders across seven European markets believe that traditional banks struggle to meet their financial needs.

The study was made in partnership with Dynata and it shows that international companies are currently turning away from legacy banks in order to manage their financial expectations and needs, a process that echoes the changes seen in customer banking. In addition, the findings also come as the firm launches Revolut Business 5, the fifth of its financial management platform for businesses. More information on the launch The recent survey found that two-thirds (63%) of businesses believe that legacy banks are too slow for their financial needs, while nearly four out of five (79%) respondents have reported issues with these enterprises, including high fees, slow transactions, and poor mobile experiences.

At the same time, three out of five (64%) large businesses are also worried that they will be left behind by competitors without the needed fintech support. These concerns are driving businesses and companies toward other fintech firms, where they can benefit from agility and security. In the UK specifically, the survey of 500 companies also found that nearly four out of five (77%) of businesses think fintech innovation is superior to that of legacy banks, while two-thirds (66%) of businesses believe that their peers are increasingly turning to fintechs in order to handle their business banking needs.

In addition, three out of five (61%) of UK businesses surveyed think that fintechs have more to offer than legacy banks regarding their business banking. The release of Revolut Business 5 aims to support large enterprise clients, while also providing an optimised user experience across both mobile and desktop platforms in order to meet the evolving needs and demands of industry leaders. The product was redesigned in order to save institutions more time and money, while remaining compliant with the regulatory requirements and laws of the industry as well.

Revolut Business 5 is set to provide faster navigation, personalised layouts, and easy access to card details and analytics right from the home screen. Included in the updated features are the B2B SEPA Direct Debits, streamlined payment tools for online and in-person sales, dedicated treasury tools for currency exchange, as well as multi-layered approval options for managing team spending across departments. Source: Link .