Many businesses believe that legacy banks are too slow to adapt to their needs and are seeking out alternatives, according to a new report by Revolut.

Conducted in partnership with market research firm Dynata, 2,850 business decision-makers across seven European countries were surveyed for the report.

Around 78 per cent of them said that they have had issues with traditional banks including excessive fees, slow transactions, and poor mobile experiences.

Some 64 per cent of businesses with over 1000 employees said that they are afraid they will be left behind by competitors without FinTech support from their banks. This is almost double the number of small businesses who feared the same issue.

Out of all the businesses surveyed, 63 per cent said legacy banks are “too slow” for their financial needs.

Last week, Revolut announced it will offer users on its premium, metal and ultra paid plan subscriptions access to Uber Eats and Deliveroo rival Wolt+.

Wolt+ is a subscription service which provides access to restaurants, grocery stores, and local shops for fast delivery or takeaways. The service, which is not available in the UK, will be rolled out to Revolut customers in 17 European markets, including Austria, Latvia and Norway.

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