A study carried out by Revolut Business in partnership with Dynata, an American survey company, carried out among 3,000 European companies, reveals persistent discomfort. In France, 77% of companies struggle to find their account with historical institutions. Worse still, 47% have turned their back on conventional banking services.
If you are at all aware of what is happening in the world of finance, you have surely not missed the fact that neobanks have been on the rise for several years. These are widening the gap more and more with historic banking players.
The decline of traditional banking models
The picture drawn up by the investigation in question leaves little room for doubt : more than three quarters (78.7%) of European companies point to the failures of traditional establishments. Grievances are piling up: excessive pricing, operational slowness, obsolete digital interfaces.
In France, the observation is particularly striking: only 53% of companies still maintain links with traditional banks. Proof that their power has been considerably reduced over the last decade.
This disaffection particularly affects large companies : 64% of them are worried about seeing their dominant position eroded if they do not partner with fintechs, a figure almost twice as high as that of small structures (37.6%). In an economic environment where speed of execution is a primordial condition, this inertia necessarily pushes companies towards more agile alternatives.
The operational superiority of fintechs acclaimed
The figures speak for themselves: 74% of French companies recognize the superiority of fintechs in processing transactions. Regarding expense management, 71% share the same feeling and 68% share the same feeling about reducing administrative tasks. More than reassuring figures which complete this flattering picture for new players in the sector.
The example of Alan, French flagship of health insurance, confirms this dynamic. The company, a client of Revolut Business, testifies: “ Revolut allows us to make thousands of payments every day, quickly and reliably. Their technical interface is excellent, which is an important advantage for a technology company like ours “.
A metamorphosis of the banking landscape
Revolut Business, whose annual turnover now exceeds $500 million, contributes 15 to 25% of Alan’s gross profit. Its latest version, Revolut Business 5, deploys an arsenal of features very attractive for private sector players : multi-level approval systems, SEPA B2B direct debits, omnichannel payment solutions, and specialized treasury tools for currency exchange.
The entrepreneurial banking sector is therefore evolving, but this change is not just a simple technological modernization. It reflects a complete redefinition of business financial services, where velocity of execution, operational flexibility and digital integration become predominant criteria. To survive and maintain their historic position, traditional banks will have to deploy significant adaptation measures to maintain ground with these new challengers who already capture nearly half of the French market. BoursoBank, N26, Nickel, Revolut, just as many competitors with serious assets in their pocket.
- French companies are massively turning away from traditional banks in favor of modern and agile solutions.
- Fintechs impress with their efficiency, speed and ability to simplify financial processes.
- The rise of neobanks is shaping a new banking landscape, where historic banks have less and less space.
