Nearly four in five (79 per cent) European businesses have issues with legacy banks, including excessive fees, slow transactions, and poor mobile experience, according to new research by challenger bank Revolut.

The finding is part of a survey of nearly 3,000 European businesses, across seven European markets, which shows that business leaders across key European markets believe traditional banks struggle to meet their financial needs.

It also found that nearly two-thirds (63 per cent) of businesses across Europe believe legacy banks are too slow for their financial needs while more than three out of five (64 per cent) large businesses are worried they’ll be left behind by competitors without fintech support.

In the UK, the research, among 500 businesses, found that nearly four out of five (77%) businesses think fintech innovation is superior to that of legacy banks while two-thirds (66 per cent) of businesses believe that their peers are increasingly turning to fintechs to handle their business banking needs.M

More than three out of five (61 per cent) of UK businesses surveyed think that fintechs have more to offer them than legacy banks when it comes to their business banking.

The research comes as Revolut launches the latest version of its financial management platform for businesses called Revolut Business 5, which it says has been “redesigned to save enterprises more time and money”.

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