Revolut is taking a swipe at traditional banks. Customers have something to complain about
Revolut argues that traditional banks cannot keep up with the needs of modern business. This is not the opinion of the fintech, but of its customers, who have a long list of complaints against traditional financial institutions.
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Revolut presented conclusions from its own report conducted among corporate clients. Revolut Business Report was created on the basis of an opinion survey involving close participants 3 thousand companies from 7 countries – PolandIreland, UK, France, Romania, Spain, Italy. Application? Traditional banks cannot keep up with the needs of modern business.
Traditional banks are too slow, too expensive, not very innovative
Opinion survey involving 2,850 decision-makers in European companies (including 500 from Poland) revealed that 3 out of 5 company representatives in Europe (63.6%) share the view that traditional banks are too slow to respond for the business needs of their companies. The most critical in this context are representatives of companies from Italy 68% and Ireland 71.5%, and the least critical are from Romania 55.3% and Great Britain 55.8%. Poles’ ratings are close to the European average (61.2%).
What hurts business? Almost 4 out of 5 company representatives in Europe (78.7%) experienced problems with service in a traditional bank, such as: excessive fees (48.9%), free processing transactions (27.9%) i weak mobile app (18.3%).
In Poland, the percentage of companies reporting problems was 71%. They accuse the traditional ones high fees for banks (41%), slow transfers (23%), lack of innovation (15.2%) and a weak app (12.8%).
Revolut argues that fintechs are an alternative. The surveyed company representatives concluded that: they are ahead of traditional banks in terms of innovation 77.6% (in Poland 72.2%), transaction processing 69.9% (in Poland 62.6%), mobile applications 68.5% (in Poland 68.4%) and low fees 66.8% ( in Poland 64.2%).
The study also revealed that 3 out of 5 representatives of large companies in Europe (64%) are afraid that without the support of fintechs, they will be left behind behind the competition (among small companies 56.7%). In Poland, these concerns are shared by 47.4% of companies (less than the European average of 51.4%).
Interest in alternative banking offers is growing. As many as 74.2% of companies in Europe wants to use fintechin (69.6% in Poland), including 56.2% from both them and traditional banks (51.2% in Poland). This applies especially to large companies (62.4%).
Revolut Business in a new version
The publication of the report coincided with the debut of version 5 of the Revolut Business platform, which provides customer service on devices both mobile and stationary.
According to the fintech, Revolut Business 5 offers faster navigation, a personalized interface and easy access to card data and analytics directly from the home screen. Updated features include SEPA B2B direct debits, streamlined payment tools for online and offline sales, treasury tools, currency exchanges and multi-level spend control options across departments and teams.
