Revolut Business, the global financial superapp trusted by hundreds of thousands of businesses worldwide, has conducted a study in partnership with market research firm Dynata, highlighting that international businesses are turning away from ‘legacy banks’ to manage their financial needs, echoing the sweeping changes seen across consumer banking. The findings come as the company launches Revolut Business 5 — the fifth generation of its financial management platform for businesses.
The recent survey of 2,850 business decision-makers from seven European countries, including respondents from every county in Ireland, found that close to two thirds (63%) of businesses believe ‘legacy banks’ are too slow for their financial needs.
Nearly four out of five (79%) respondents reported issues with ‘legacy banks’, including high fees, slow transactions, and poor mobile experiences, and three out of five (64%) large businesses are worried they will be left behind competitors without enlisting a fintech.
These concerns are driving businesses to fintechs like Revolut, where innovation and agility are founding principles. Revolut is reinforcing its focus to support large enterprise clients with Revolut Business 5, which provides an enhanced user experience across both mobile and desktop platforms to meet the evolving needs of industry leaders. Revolut Business has been redesigned to save enterprises more time and money.
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.”
In Ireland, specifically, the survey also found that:
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72% of business leaders believe that ‘legacy banks’ are too slow to adapt to modern business needs, notably much higher than the European sample size average of 64%.
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More than half (52%) of businesses use the services of a fintech, while a further 30% are willing to trust and are actively looking to use a fintech to manage their finances.
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A quarter (25%) of hospitality businesses and close to one in five retail businesses (19%) now no longer use a traditional bank in Ireland.
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Looking outwardly, more than three-quarters of business leaders (77%) said they were seeing more industry peers turn to fintechs for their business banking needs, while 81% of these already use a fintech provider (such as Revolut) personally outside of work.
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Notably, nearly a third (31%) of business leaders in Ireland would prefer to manage their business’ financial needs solely with their fintech provider.
Revolut Business 5 offers faster navigation, personalised layouts, and easy access to card details and analytics right from the home screen. Updated features notably 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.
Revolut Business is already contributing 15-25% of the company’s overall gross profit, with some of Revolut’s notable customers in Ireland including Aer Lingus, O’Neills, and DID Electrical. The company also recently announced that global annualised revenue for Revolut Business has surpassed $500M (€461m). This growth is a testament to the demand for Revolut Business, as more companies turn to digital banks for a faster, more flexible way to manage their financial needs.
For more information, please visit: www.revolut.com/business