Two-Thirds of Businesses shun Legacy Banks for FinTech solutions, study finds

By Gloria Methri

Businesses across Europe are increasingly abandoning traditional banks for agile FinTech solutions, reveals a new study by Revolut Business and Dynata. The findings coincide with the launch of Revolut Business 5, the fifth generation of Revolut’s financial management platform, designed to cater to modern business needs.

Legacy Banks Falling Behind

Surveying 2,850 business decision-makers across Europe, the study found that 63% of businesses view legacy banks as too slow to meet their financial needs. Some of the primary concerns cited by respondents were high fees, sluggish transaction times, and inadequate mobile experiences, with 79% reporting dissatisfaction with these services. Large enterprises are particularly wary, and 64% fear losing ground to competitors if they fail to adopt FinTech solutions.

James Gibson, General Manager at Revolut Business, captured the sentiment, saying, “When we started Revolut Business in 2017, we knew businesses wanted a product that evolved with their needs. The demand for customer-oriented business accounts has only grown. With Revolut Business 5, we’re offering tools that keep pace with the technology of the day and help businesses stay ahead.”

FinTech’s Growing Role in Business Banking

The shift toward FinTech isn’t just anecdotal—it is driving measurable results. Revolut Business already contributes 15-25% of Revolut’s gross profit and has signed high-profile clients like Barry’s. According to the report, this success reflects growing dissatisfaction with legacy banks and a broader demand for speed, flexibility, and customer-first innovation.

Barry’s, a global fitness brand, shared its experience, “Since switching to Revolut Business’ expense management tools, we have been able to reduce our time spent on expenses from days to a few hours with increased control over VAT claims on expenses as well as clear spend trends and transparency.”

As businesses face increasing pressure to adapt to a fast-moving, tech-driven world, FinTech solutions like Revolut Business 5 are leading the charge, proving that agility and innovation are not just optional—they’re essential.

Key Findings

• A survey of nearly 3,000 businesses revealed that business leaders across seven European markets believe traditional banks struggle to meet their financial needs.
• Four out of five (79%) businesses have noted issues with ‘legacy banks’, including excessive fees, slow transactions, and poor mobile experiences.
• Three out of five (64%) large businesses are worried competitors will leave them behind without FinTech support, nearly twice the rate of concern from respondents at smaller firms (38%)
• The study comes as Revolut launches Revolut Business 5, its fifth product iteration built to meet the needs of large modern enterprises.