<p><span id="docs-internal-guid-76ba37c4-7fff-9330-4019-e803d0a42d73">Agile software development is a result-oriented way of building products from scratch that helps to consider all their weak spots and improve them on the go. As a result, you get a valuable product that no one can compete with.</span></p>

Agile software development is a result-oriented way of building products from scratch that helps to consider all their weak spots and improve them on the go. Learn more about the key principles if Agile, roles, metrics, pros and cons of Agile.

Agile Software Development: Hype or Working Practice? | Agilie

<p>Software reengineering is the process of creating new functionality or eliminating bugs by making a revolutionary change, but using software that is already in use.</p>

Reengineering is the modification of a software system after it has been reverse-engineered. Find out the main stages of reengineering and what you need to make your product reengineered.

Software re-engineering and re-engineering process | Agilie

<p><span id="docs-internal-guid-312201b4-7fff-4f55-1d5c-7d26036f6685">Wondering which Agile methodology of software development to choose to successfully realize your project? Figure out all the details in our recent research</span></p>

Take advantage of the Agile software development to define epics, set story points, and manage Agile projects. Allow continuous integration and high-quality software delivery thanks to the implementation of the Agile development methodologies.

Agile Software Development Lifecycle: A Comprehensive Guide | Agilie

<p>In our digital era, companies need technologies on board, no matter their size or industry. That is why, oftentimes, they are one of the main business investments and thus they must be taken care of properly. That is when IT (information technology) support comes into play.</p>

 Read the article to know what IT support is, why you need IT support, how it functions, and what IT support consists of.

What is IT support? Types and tools | Agilie

<p><span id="docs-internal-guid-290eeae2-7fff-a476-0daa-140364f53e84">Dive deep into successful fintech app development in 2024. Learn about data protection, tech stack, and the cost of a fintech app in Agilie's research.</span></p>

Dive deep into successful fintech app development in 2024. Learn about data protection, tech stack, and the cost of a fintech app in Agilie's research.

How to develop a fintech app in 2024 | Agilie

<p dir="ltr">If you own an IT business, you probably know how difficult it is and how long it takes to recruit in-house IT specialists. Especially those with a Middle or Senior level of expertise or some with very rare tech skills. This could become a real nightmare if your project needs experts just right now.</p>
<p dir="ltr">What to do in such a case?&nbsp;</p>
<p dir="ltr">The smartest move you can take is to opt for a staff augmentation model that helps expand your team for a specific project extremely fast. Still don&rsquo;t know what this helpful model is? In this article, we will explain to you what staff augmentation really is, when it is best to use it, as well as give you all the cons of this model.&nbsp;</p>
<p dir="ltr">But let&rsquo;s start with some basics.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Staff augmentation is a flexible and cost-effective solution for companies that need to scale their workforce quickly. By extending their existing team with external talent, companies can access a wide range of skills and expertise without committing to the long-term costs associated with hiring full-time. 
There are different models of staff augmentation, including time and material, fixed-price, and dedicated team models. These models offer varying degrees of flexibility and control, allowing companies to choose the model that best suits their needs.
Staff augmentation enables companies to access the skills and expertise they need to complete projects more quickly, ultimately leading to improved business outcomes and success.
Among the most popular cases of team augmentation use are when a company needs to meet a tight deadline, requires specialized skills, or wants to maintain its core team's stability. By leveraging staff augmentation, companies can quickly access the talent they need to meet their business objectives, without the long-term commitment of hiring full-time employees.
By adopting a staff augmentation model, companies can access a pool of skilled talent, reduce costs, and remain agile and responsive to changing market conditions, ultimately leading to improved business outcomes and success.">
<div class="form-description-title">Key Takeaways</div>
Staff augmentation is a flexible and cost-effective solution for companies that need to scale their workforce quickly. By extending their existing team with external talent, companies can access a wide range of skills and expertise without committing to the long-term costs associated with hiring full-time. <br /><br />There are different models of staff augmentation, including time and material, fixed-price, and dedicated team models. These models offer varying degrees of flexibility and control, allowing companies to choose the model that best suits their needs. <br /><br />Staff augmentation enables companies to access the skills and expertise they need to complete projects more quickly, ultimately leading to improved business outcomes and success. <br /><br />Among the most popular cases of team augmentation use are when a company needs to meet a tight deadline, requires specialized skills, or wants to maintain its core team's stability. By leveraging staff augmentation, companies can quickly access the talent they need to meet their business objectives, without the long-term commitment of hiring full-time employees. <br /><br />By adopting a staff augmentation model, companies can access a pool of skilled talent, reduce costs, and remain agile and responsive to changing market conditions, ultimately leading to improved business outcomes and success.</div>
<h2 dir="ltr">What is Staff Augmentation?</h2>
<p dir="ltr">When you first hear about IT staff augmentation services, many people would immediately think of an augmented human from a modern cyberpunk movie. Are you one of them? That is understandable.&nbsp;</p>
<p dir="ltr">In reality, IT staff augmentation is not about it at all. The word augment itself means to make something larger &mdash; in size, number, strength, etc. Augmented in the IT sphere means a bigger team. But having bigger teams doesn&rsquo;t mean becoming more effective. It can sometimes be quite the opposite, as bigger teams are quite difficult to manage. Staff augmentation can help you enlarge your team while ensuring that this staffing remains efficient.&nbsp;&nbsp;</p>
<p dir="ltr">To put it simply, staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407005789.png" width="2001" height="1401" /></p>
<p dir="ltr">Wait, so is it that simple? And you won&rsquo;t need to pay for time-consuming recruiting or consulting services?&nbsp;</p>
<p dir="ltr">Yep, you can find numerous staff augmentation providers that will do the job instead of you and hire excellent temporary engineers for your project very fast. Besides, skilled talent is hired to cover only the necessary positions temporarily, permanently, or on-demand. The hires are added to the in-house team and collaborate with them on a specific project which enhances the capacity of your team and organization.&nbsp;</p>
<h3 dir="ltr">Why is staff augmentation so popular?&nbsp;</h3>
<p dir="ltr">Staff augmentation has become a widely used practice worldwide with <a href="https://www2.staffingindustry.com/site/Research/Research-Reports/Americas/Global-Staffing-Forecast-May-2019" target="_blank" rel="noopener">$490 billion</a> of revenue annually. One of the main sources for staff augmentation is freelancing, which has become very popular recently due to the rise of numerous freelance platforms. Just imagine, in the US solely, about <a href="https://www2.staffingindustry.com/site/Research/Research-Reports/Americas/The-US-Gig-Economy-2019-Edition" target="_blank" rel="noopener">34% of workers</a> are freelancers, and this number grows each year.&nbsp;&nbsp;</p>
<p dir="ltr">But why has staff augmentation become so popular?&nbsp;</p>
<p dir="ltr">It is obvious. Many companies today choose IT staff augmentation for a bunch of situations, including talent shortage, high cost of IT professionals, and many more. This model helps businesses minimize operational costs while skyrocketing their efficiency. It also helps quickly scale your IT department once you need it and add more employees to keep up with the demand.&nbsp;</p>
<p dir="ltr">Staff augmentation can, undoubtedly, help you enhance both the quality and speed of your projects, because by hiring professionals in various fields, you get the expertise that your in-house developers may lack. This could be extremely helpful if you have complex IT projects and you need a senior level of expertise.</p>
<p dir="ltr">Last but not least, staff augmentation service can present your workers with excellent training opportunities. Your in-house staff can share the experience with your in-house team, allowing them to learn and grow throughout the whole development process.</p>
<h3 dir="ltr">Types of staff augmentation</h3>
<p dir="ltr">Today, IT staff augmentation can be divided into three main types, each with its own peculiarities:</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407019595.png" width="2001" height="1001" /></p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Core augmentation</p>
</li>
</ul>
<p dir="ltr">This type of augmentation is long-term with a full-time contract. All the resources of the business are shared with another company and the core team works full-time at the hired company while paralelly working in their own company. The roles and responsibilities of the core team are stated in the contract.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Temporary augmentation</p>
</li>
</ul>
<p dir="ltr">This type of augmentation is short-term with temporary staff for a specific project. Usually, companies prefer the temporary augmentation model if they lack the resources for covering all their projects. Temporary augs can increase the number of people to handle multiple projects.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Functional augmentation&nbsp;</p>
</li>
</ul>
<p dir="ltr">This type of augmentation involves contracted employees working temporarily on a specific project. The main difference between core and functional augmentation is that the latter doesn&rsquo;t have an indefinite duration.&nbsp;&nbsp;</p>
<h3 dir="ltr">Use cases of staff augmentation</h3>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407086168.png" width="2001" height="1201" /></p>
<p dir="ltr">Before applying this cooperation strategy, it is crucial to know its best use cases. Here are some of the most common uses when you should consider opting for staff augmentation:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Reinforcing your in-house team: yes, you may already have a developer team that works in-house. However, when you launch new projects or release new products or services, it is better to improve your expertise by augmenting your existing IT team with temporary personnel. This way, you will get a better outcome.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">When you have short deadlines: the process of recruiting new employees is a complex process with lots of stages. But if you don&rsquo;t have time and patience for it, you can take advantage of staff augmentation. You can get programmers from any part of the world very fast and meet the needs of your project, no matter if it is short- or long-term.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">If you need specific expertise: if you need to get a specialist with a certain skill set over a short period of time, this cooperation method will help you out.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">If you need to bridge a gap: you can always hire temporary workers for short-term projects while looking for permanent candidates.</p>
</li>
</ul>
<h2 dir="ltr">The Difference between Staff Augmentation and Delivery Teams</h2>
<p dir="ltr">When learning about staff augmentation, you may also come across the term delivery teams. These two terms can even be misused sometimes.&nbsp;</p>
<p dir="ltr">But what is the difference? And is there any?&nbsp;</p>
<p dir="ltr">As we already found out, staff augmentation is the process of hiring one or more temporary tech specialists. So, when you have more demanding projects that need constant support through all their stages of development, staff augmentation might not be a good fit for you.&nbsp;</p>
<p dir="ltr">In this case, you need a delivery team that usually consists of a skilled project manager, several software developers, and quality assurance specialists. Such teams work on projects autonomously and need little or no supervision from your side.&nbsp;&nbsp;</p>
<h2 dir="ltr">Benefits of IT Staff Augmentation</h2>
<p dir="ltr">Just like with any other cooperation strategy, staff augmentation comes with a bunch of pros and cons. Here is the list of some of the benefits you can get when opting for this model:</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407045860.png" width="2001" height="1101" /></p>
<h3 dir="ltr">1. Reduction of the time for recruiting</h3>
<p dir="ltr">Organizing a well-functioning recruiting process takes time and energy. You need to create job descriptions, place them on the job portals, interview candidates, and do many other necessary steps. And even all of them do not guarantee fast and successful hiring.&nbsp;</p>
<p dir="ltr">But what if we say that staff augmentation will eliminate all these stages, especially if you get help from a staff augmentation company? It will do everything instead of you and staff your business very fast with new full members of your team.&nbsp;</p>
<p dir="ltr">Besides, having temporary workers will help you fight another issue called overstaffing. When you have already delivered the project, you may not need the same number of workers anymore. And with staff augmentation, you won&rsquo;t face the problem of firing gifted tech talent.&nbsp;</p>
<h3 dir="ltr">2. Access to a talented pool of experts</h3>
<p dir="ltr">When you need a candidate with a certain technical skill set, the staff augmentation company will offer you good fits without wasting your time. Besides, you can select experts from any part of the world to meet your business goals if you do not have matches in your region.&nbsp;</p>
<p dir="ltr">With staff augmentation, you can use both internal and external resources while saving your time on onboarding and training of the new employees.&nbsp;</p>
<h3 dir="ltr">3. Enhanced flexibility and scalability</h3>
<p dir="ltr">This model is extremely flexible and scalable. With IT staff augmentation, you can easily both upscale or downscale your development team, which is more comfortable than hiring full-time employees. What is more, when the project ends, you can end the partnership with temporary staff or revive it in the future if you need help again. This won&rsquo;t ruin your brand image like firing your employees.&nbsp;</p>
<h3 dir="ltr">4. Quality on a budget</h3>
<p dir="ltr">If your business has a limited budget and payroll, staff augmentation is just for you. You don&rsquo;t need to pay any extra costs as you do with full-time staff. However, you can always add some bonuses to improve their happiness and performance.&nbsp;</p>
<p dir="ltr">Moreover, small businesses benefit a lot from temporary placement on a short-term basis with no long-term commitment as you do not need to pay taxes or insurance.&nbsp;</p>
<p dir="ltr">But does this mean that the quality is lower, too? Of course, not. Staff augs deliver the same quality and quantity of work just like your full-time employees.&nbsp;</p>
<h2 dir="ltr">How to Succeed with Team Augmentation</h2>
<p dir="ltr">If done the right way, staff augmentation can significantly improve your bottom line and enhance productivity. Here is a step-by-step guide on how to successfully implement this strategy in your business:&nbsp;</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676407061994.png" width="2001" height="1701" /></p>
<h3 dir="ltr">Identify which skill or expertise your company needs</h3>
<p dir="ltr">The first step of staff augmentation adoption is identifying which tech expertise you currently need by conducting a detailed analysis of your business operation. You can also assess your projects requirements and your personnel audit outcome and find out which gap you have and whether the acquisition of the temporary employees will help you out.</p>
<h3 dir="ltr">Search for staff augmentation provider</h3>
<p dir="ltr">When you are looking for a staff augmentation vendor, you should always keep in mind your requirements as different staff augmentation companies have different approaches to recruiting. Conduct the research, assess their credentials and offers, and track records. Make sure to find someone who aligns with both your corporate and operational cultures.&nbsp;</p>
<h3 dir="ltr">Compare and choose one</h3>
<p dir="ltr">You don&rsquo;t need to choose only one staff augmentation provider as each of them has unique offers to consider. Try to multisource, select several of the most suitable vendors, compare them, and select the one that is the best fit for long-term cooperation.</p>
<h3 dir="ltr">Foster a healthy relationship between in-house and remote teams</h3>
<p dir="ltr">No matter if you work with in-house or remote teams, you need to force a healthy environment in which everyone is happy to work. How? You need to communicate with everyone and ensure that each of the teams is in sync. For example, when you are holding a meeting, ask about your team&rsquo;s interests or hobbies to figure out what they have in common. This will also help in building a healthy relationship in the team.&nbsp;</p>
<h3 dir="ltr">Make sure the communication is clear</h3>
<p dir="ltr">Did you know that your bottom line can be improved with the help of clear communication? How so? It is obvious. Your entire team needs to understand your business vision and mission as well as all project requirements. It is also very important to ensure clear communication so that everyone who takes part in the development and administration process can contribute to it and buy into decisions.</p>
<h3 dir="ltr">Master useful technologies</h3>
<p dir="ltr">Always master technologies and tools that might be helpful for you. Such team collaboration tools like CRM system, Slack, JIRA, task management system, or Basecamp help to share comments from team members as well as project statuses. Be careful as the lack of communication may result in miscommunication. And this can affect your entire project negatively. Many modern tools can do the contrary; they enhance the communication and collaboration within your team.&nbsp;</p>
<p dir="ltr">Conclusion&nbsp;&nbsp;</p>
<p dir="ltr">Undoubtedly, a staff augmentation strategy allows you to focus on your core business objectives and stay competitive in this fast-paced world. By adopting this cooperation solution, you get several benefits, like decreasing time and cost for recruiting and employment, improved efficiency of your team, and extreme flexibility and scalability.&nbsp;</p>
<p dir="ltr" style="line-height: 1.9871999999999999; margin-top: 0pt; margin-bottom: 10pt;">If you often need employees for short-term projects, then IT staff augmentation is surely a must for your firm. And the abundance of staff augmentation providers on the market will ensure that you hire only skilled developers whenever you need them and won&rsquo;t spend too much time and money on recruiting. <span id="docs-internal-guid-38677343-7fff-dfcf-7319-998567c0d35d"></span></p>

<p>Staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.</p>

Staff augmentation is an outsourcing hiring strategy where a business temporarily hires one or several outsourcing IT experts for a certain project.

What is Staff Augmentation and How it Works | Agilie

<p>The Dedicated Team Model is a model of cooperation with a digital service provider in which the client is provided with software development specialists on a long-term basis. A team of specialists is selected in accordance with the requirements of the project, based on their experience and skills.</p>

The Dedicated Team Model is a model of cooperation with a digital service provider in which the client is provided with software development specialists on a long-term basis. A team of specialists is selected in accordance with the requirements of the project, based on their experience and skills.

Dedicated Team Model: What It Is, Pros & Cons for Your Project | Agilie

<p dir="ltr">The project management life cycle is the complete process of initiating, planning, executing, controlling, and closing a project. Knowing these key project lifecycle stages can help organize it and focus on your projects. Each phase of the project management life cycle has specific goals, allowing you to track each step in detail throughout the cycle. In this blog post, we will look at what the project life cycle is, explore the five phases of the project management life cycle, and why the Discovery phase is helpful for production.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Understanding the project management life cycle is critical to the success of any project. The five phases - initiation, planning, execution, monitoring and controlling, and closure - provide a structured approach that ensures projects are completed on time, within budget, and to the satisfaction of stakeholders.
During the initiation phase, it's crucial to identify the project's purpose, scope, and stakeholders, and obtain buy-in from all involved parties. The planning phase involves detailed planning and setting of project objectives, resources, timelines, and deliverables.
The execution phase requires effective communication, collaboration, and project management skills to ensure the project runs smoothly, and the desired outcomes are achieved. During the monitoring and controlling phase, the project team monitors and adjusts the project's progress and makes necessary changes to keep it on track. Finally, in the closure phase, the project is reviewed, and the outcomes are documented.
By understanding these five phases and applying them to project management, organizations can increase the likelihood of project success and mitigate risks. Effective project management not only ensures the completion of a project but also improves team morale, stakeholder satisfaction, and overall business success.">
<div class="form-description-title">Key Takeaways</div>
Understanding the project management life cycle is critical to the success of any project. The five phases - initiation, planning, execution, monitoring and controlling, and closure - provide a structured approach that ensures projects are completed on time, within budget, and to the satisfaction of stakeholders. <br /><br />During the initiation phase, it's crucial to identify the project's purpose, scope, and stakeholders, and obtain buy-in from all involved parties. The planning phase involves detailed planning and setting of project objectives, resources, timelines, and deliverables. <br /><br />The execution phase requires effective communication, collaboration, and project management skills to ensure the project runs smoothly, and the desired outcomes are achieved. During the monitoring and controlling phase, the project team monitors and adjusts the project's progress and makes necessary changes to keep it on track. Finally, in the closure phase, the project is reviewed, and the outcomes are documented. <br /><br />By understanding these five phases and applying them to project management, organizations can increase the likelihood of project success and mitigate risks. Effective project management not only ensures the completion of a project but also improves team morale, stakeholder satisfaction, and overall business success.</div>
<h2 dir="ltr">Project management phases: Brief Overview</h2>
<p dir="ltr">Project production is a set of activities that must be performed in a particular order within a given period. A project requires a system of processes and talented people to get the job done. All in all, it's not an easy feat!</p>
<p dir="ltr">Any project requires a comprehensive study of its life cycle. Knowing how each phase functions provides valuable insight into how to approach it.</p>
<p dir="ltr">The standard project management life cycle consists of five phases:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Concept &amp; Initiation</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Planning</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Launch or Execution</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Performance &amp; Control</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Close&nbsp;</p>
</li>
</ul>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676406834071.png" width="2000" height="2700" /></p>
<p dir="ltr">Usually, when a new project is started, these five phases follow each other in order, but this is not always the case. For example, if there are any changes during the course of the project, you can return to the planning phase to accommodate the changes, but do not repeat the entire cycle again from the initiation phase.</p>
<p dir="ltr">This level of flexibility simplifies change management processes throughout the project life cycle.</p>
<p dir="ltr">What is the importance of the project management life cycle? This sequence of phases may seem like a formality to you, but it actually helps a lot with the implementation of a project plan. It allows you to apply an organized approach to project management. This means that you will have more obvious roles and responsibilities, improved communication, and stable results (and there will be many fewer omissions and forgotten tasks!).</p>
<h2 dir="ltr">What are the different phases of a project?</h2>
<p dir="ltr">The life cycle of each project includes several stages. Although there are different models of project life cycles, almost all of them include the following five phases:</p>
<h3 dir="ltr">Phase 1: Project Concept &amp; Initiation</h3>
<p dir="ltr">The first stage of the life cycle, initiation, requires a kickoff meeting that loops around the client and investor. Goals, objectives, doubts, fears, and any initial thoughts and ideas are discussed here. When decision-makers are not in the same place, you can look forward to organizing an online meeting for video chat or conference call to discuss the following topics for discussion:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Who are the investors and stakeholders?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What is the vision and mission of the business?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What are the expected timelines?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What are the risks?</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">What budget and resources are available?</p>
</li>
</ul>
<p dir="ltr">This phase includes the description of the project, the creation of a business case, the identification of key stakeholders, and the approval of the project by the relevant parties.</p>
<p dir="ltr">Start by drafting a project charter that outlines your initial ideas as well as the project scope and constraints.</p>
<p dir="ltr">When you get busy with tasks and deadlines, it will be very easy to forget the importance of the project. In fact, only 55% of the participants clearly understand the business goals of the project, mainly team leaders and project managers.</p>
<p dir="ltr">The project charter must include specific business benefits associated with your project. This will help you and your team members not only focus on achieving goals, but also ensure that time is not wasted in advance.</p>
<p dir="ltr">Drafting a project charter will help you provide leaders with specific facts and get their approval.</p>
<h3 dir="ltr">Phase 2: Project Planning</h3>
<p dir="ltr">During the planning phase of the project, the project manager establishes the purpose and scope of the project. In addition, project managers use this stage to determine the project budget, determine the required resources, and begin to organize a team to complete the tasks associated with the project. A feasibility analysis is testing the viability of an idea, for example, to ensure the project is legally and technically feasible as well as for economic profit.&nbsp;</p>
<p dir="ltr">Depending on the nature of the project, the project manager may create a report detailing the plan.</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676406870064.png" width="2000" height="1000" /></p>
<p dir="ltr">The planning phase requires careful consideration of the many elements associated with your project. Among other things, these may include the following information:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Key roles and responsibilities</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Success rates</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Possible risks and obstacles that reduce efficiency</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Expectations for intra-team communication</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Schedule</p>
</li>
</ul>
<p dir="ltr">All of these elements should be described in a detailed project plan that you will present to the team at the kick-off meeting and then refer to throughout the project.</p>
<h3 dir="ltr">Phase 3: Project Launch or Execution</h3>
<p dir="ltr">Team leaders and project managers are involved in creating results, facilitating clients, completing tasks, implementing processes, and more. Direct communication at all stages of a project is essential and vital to the successful implementation of an idea.</p>
<p dir="ltr">Important at the execution stage:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Frequent meetings</p>
</li>
</ul>
<p dir="ltr">Keeping teams up to date with scheduled online meetings helps keep the project on track and on schedule. Timely and crystal-clear communication via video conferencing reduces blind spots, improves collaboration, and speeds up the movement of items in the pipeline.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Conflict Management</p>
</li>
</ul>
<p dir="ltr">Problems are inevitable. Reduce the likelihood of incidents by inviting the development team to speak up and voice issues or anything that could potentially become a weak point in the chain.</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Progress reports</p>
</li>
</ul>
<p dir="ltr">Regular updates shared during a meeting session, or video chat help you stay ahead of the curve and catch issues before they happen.</p>
<h3 dir="ltr">Phase 4: Project Performance &amp; Control</h3>
<p dir="ltr">This phase requires a review to make sure everything is in line with what was previously agreed upon. What are the key performance indicators? What needs to be implemented in order to meet the deadlines and financial parameters?</p>
<p dir="ltr">Hold online meetings with key players for regular audits, reviews, and performance reports. You can give presentations remotely via video conferencing, including workflows, important documents and files, and anything else that needs to be shared.</p>
<p dir="ltr">During the monitoring and control phase of the project, the project manager oversees the execution of the project. They provide feedback to team members, make sure all project elements are on schedule, and remove roadblocks. By monitoring the progress of the project, managers can ensure that the scope does not increase and the project stays within acceptable time limits.</p>
<h3 dir="ltr">Phase 5: Project Close</h3>
<p dir="ltr">After completion of all work required at the implementation stage, the project moves to the final stage. Closeout starts when the user accepts the project deliverables and the project authority concludes that the project has met the goal. During the project closure phase, the project manager communicates the completion of the project to project stakeholders. By this stage, the stakeholders have all the results. Many project managers evaluate the success of a project at this stage in order to improve the lifecycle management process for future projects. Commissioning builds trust with stakeholders and has to be integrated into all stages of the project with a project management approach to ensure that each step of testing is successful.</p>
<p dir="ltr">Decommissioning means the termination phase of a project that is carried out in an orderly manner. It requires fulfilling standards to preserve important data, information, and documentation. If required, the data retained can be easily retrieved and utilized in the future.</p>
<h2 dir="ltr">How the Discovery Phase contributes to efficient project management</h2>
<p dir="ltr">The discovery phase <a href="https://agilie.com/blog/project-discovery-phase" target="_blank" rel="noopener">helps to assess</a> whether the company will be able to complete the client's project and how much it will cost. During the discovery phase, business problems are identified, the domain is explored, requirements are identified, and solution design is done.</p>
<p dir="ltr"><img style="display: block; margin-left: auto; margin-right: auto;" src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1676406904264.png" width="2000" height="1200" /></p>
<h3 dir="ltr">Project schedule</h3>
<p dir="ltr">Inception is carried out as a preparatory phase before starting work on the current project. The main goal is to detail the requirements, especially for the first iterations, so that the team does not have delays at the start. As a result of this research, you and your team should create a detailed backlog for the first few sprints of the project, at least basically decide on the architecture and approve the project schedule.</p>
<h3 dir="ltr">Project team composition</h3>
<p dir="ltr">Project team composition includes those who can help to lead the discovery work and who can make it feasible (developer), usable (UX-person who meets the users), and sellable (PO who knows the business).</p>
<h3 dir="ltr">Project milestones</h3>
<p dir="ltr">Discovery is a phased work. We go from global business goals and objectives to specific user actions in the system. After each stage, it provides a separate artifact with fixed requirements. Artifacts are conditionally divided into mandatory and optional, and the final set depends on the goals of the customer.</p>
<h3 dir="ltr">Project budget</h3>
<p dir="ltr">The discovery phase allows you to determine the project timeline and budget, specify the requirements for the final product, identify the needs of the end user and get feedback from them about the product.</p>
<h3 dir="ltr">Project risks and challenges</h3>
<p dir="ltr">In order to estimate the cost of the project and make a commercial offer to the client, it is necessary to conduct a Discovery phase or a complete analysis of all operations of the project implementation, risks, and challenges - from the emergence of an idea and business concept to the technical implementation of the expected product. This approach allows you to protect the client from unplanned costs and facilitate and clearly define the working conditions of the team that will develop the product.</p>
<h2 dir="ltr">FAQs</h2>
<h3 dir="ltr">What are the objectives of each phase?</h3>
<p dir="ltr">In the process of implementing a conceptual idea regarding the production process or other activities at the enterprise, several successive moments can be distinguished. So, it is customary to distinguish the following stages of the project life cycle:</p>
<ul>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Initiation - the idea is put forward, as well as the preparation of project documents. A detailed justification is being made, as well as marketing research, which will serve as an aid to the implementation of the subsequent stages.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Planning - determining the timing of the implementation of the plan, dividing these processes into specific stages, as well as appointing performers and responsible persons.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Execution - begins immediately after the plans have been approved. It implies the implementation in full of all planned actions.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Controlling or monitoring - In this phase of the life cycle, the manager controls resources, quality of work and timely completion of tasks, coordinates team members, and promptly makes changes to the project plan in case of unforeseen circumstances.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Completion - analysis of the received data and control for their compliance with the planned ones. In most cases, this responsibility rests with management.</p>
</li>
</ul>
<h3 dir="ltr">What is the scope of each phase?</h3>
<p dir="ltr">The costs of the project are directly dependent on its scope. Large projects require full-time workers, while relatively small projects with the same life cycle may only require part-time workers. Therefore, one person can be responsible for many projects in different life cycle phases. The management of the enterprise is responsible for periodic review of the most important stages of the project, which should occur at least at the end of each phase of the life cycle or after critical technological stages of the project.</p>
<h3 dir="ltr">What are the deliverables of each phase?</h3>
<p dir="ltr">The project deliverables include defining the product or services that are needed. The planning phase helps to set the budget and deliver project deliverables without exceeding it.&nbsp; In the Project Execution phase, the team will start creating project deliverables and achieve project goals and objectives as outlined in the project plan. In the Project Closure phase, the product is delivered to clients, the project manager will highlight strengths, list the takeaways of the project, and identify the unclearness.</p>
<h3 dir="ltr">What is the timeline for each phase?</h3>
<p dir="ltr">Regardless of which methodology is chosen for project management, each of them will always have a beginning, a middle, and an end. This is the life cycle of a project.</p>
<p dir="ltr">Project management can seem overwhelming at times. However, dividing a project into five distinct phases, called the project life cycle, will help the team manage time and resources wisely, which increases the chances of success for projects of any size or complexity.</p>

<p>The project management life cycle is the complete process of initiating, planning, executing,&nbsp;controlling, and&nbsp;closing&nbsp;a project. Knowing these key project lifecycle stages can help organize it and focus on your projects.&nbsp;</p>

The project management life cycle is the complete process of initiating, planning, executing, controlling, and closing a project. Knowing these key project lifecycle stages can help organize it and focus on your projects.

Phases of Project Management Life Cycle | Agilie

<p dir="ltr" style="text-align: justify;">Welcome to the next stage of banking! Neobanks, online financial institutions, offer faster services and better user experiences. Did you realize that the global neobanking market will rise by a compound annual rate of 54.8% from 2023 to 2030? Rapid development is evidence of a new tendency toward digital-only financial solutions. Staying informed about security and technological advancement is crucial for protection, innovation, and opportunity. This article is designed to come up with the top edge trends that will shape the neobanking this year. Let&rsquo;s dive into the world of banking innovation that makes financial services more inclusive, safe, and attuned to the digital-savvy generation.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways " data-text="The neobanking business attracts more customers and enters new markets with a prediction to get 386.30 million users by 2028.

Attention to the latest trends helps offer modern, effective, and secure banking solutions.

Neobanks integrates biometric security technology, AI-based assistance, personalization, and cryptocurrency for secure, user-friendly, and individualized services. ">
<div class="form-description-title">Key Takeaways</div>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">The neobanking business attracts more customers and enters new markets with a prediction to get 386.30 million users by 2028.</p>
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
<p dir="ltr" role="presentation">Attention to the latest trends helps offer modern, effective, and secure banking solutions.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">Neobanks integrates biometric security technology, AI-based assistance, personalization, and cryptocurrency for secure, user-friendly, and individualized services.&nbsp;</p>
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;">Neobanking trends</h2>
<p dir="ltr" style="text-align: justify;">Neobanking transforms regular banking through the combination of advanced tech to ensure security, efficiency, and availability to customers. Let&rsquo;s study the latest neobank trends to compete and successfully establish in the market.</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786619753.png" /></p>
<h3 dir="ltr" style="text-align: justify;">Open Banking</h3>
<p dir="ltr" style="text-align: justify;">Open banking is a new trend in neobanking based on APIs that bring more capacity for banks to share their data and functionality with other third-party developers. Its purpose is to make the banking system more transparent for the customers and to foster a competitive environment. Benefits include personal financial services, faster loan approvals, and better financial management instruments. Open banking encourages the emergence of healthier competition and collaboration among traditional banks and fintech startups with innovative solutions. Open banking is all about improving customers&rsquo; experience and financial management.</p>
<p style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786641468.png" /></p>
<h3 dir="ltr" style="text-align: justify;">Banking-as-a-Service (BaaS)</h3>
<p dir="ltr" style="text-align: justify;">BaaS is a model where digital banks and fintech use the licensed infrastructure of traditional banks to provide their services. This model provides non-bank financial providers with an opportunity to build banking services into their products without the same regulatory and financial requirements. BaaS platforms function as intermediaries by offering real-time banking services like payment processing, credit facilities, and account management through APIs. This changing face of financial services prompts an overall reevaluation of how companies view financial services with creativity, to ensure an excellent customer experience and to yield additional revenue channels for companies outside the usual area of financial services.</p>
<p style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786680811.png" /></p>
<h3 dir="ltr" style="text-align: justify;">AI-powered Assistance</h3>
<p dir="ltr" style="text-align: justify;">Artificial intelligence developments in neobank take into account machine learning algorithms to digest customer data, determine their needs, and forecast requests. These models propose automatic payments or reminders to prevent missed or late fees through monitoring purchase details, browsing behaviors, and inquiries.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><strong>For example:</strong>&nbsp;&nbsp;If the users upload the bills close to the end of the month, the assistant AI will remind them of the upcoming payments or even suggest automatic payments in the future to avoid late fees.</p>
<p dir="ltr" style="text-align: justify;">Natural language processing (NLP) technology has significantly improved, so virtual assistants can now process human language with a degree of complexity that matches and even exceeds that of humans. Bank users can talk to their neobank in a dialogue, with banking getting more altered and less scary. The cutting-edge NLP algorithms can grasp the context, tone, and purpose of a query, which allows them to handle more complex questions and provide naturally relevant responses.</p>
<p dir="ltr" style="text-align: justify;">Virtual assistants can now manage complex conversations and act on virtually many transactions, from single account inquiries to more complicated financial advice-giving and support of decision-making. This transformation reduces the tasks of human staff and gains clients for round-the-clock support. Neobanks will use AI-powered assistants to automate routine operations, which will ultimately free up human resources to focus on more strategic initiatives and thus, lowering operational costs.</p>
<p><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/ml-ai-and-fintech-how-maching-learning-and-artificial-intelligence-help-you-benefit" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786779007.png" width="100%" height="100%" /><span class="incut--text">Learn more about AI and ML solutions in fintech.&nbsp;</span></a></p>
<h3 dir="ltr" style="text-align: justify;">Hyper-personalization</h3>
<p dir="ltr" style="text-align: justify;">AI is the most valuable in the process of hyper-personalization because it enables the analysis of big data and the creation of insights and predictive models. Based on these models, companies can predict future consumer behavior and perform timely actions. As an illustration, if a customer&rsquo;s spending pattern suggests upcoming obvious cash flow issues, the neobank&rsquo;s AI system can prioritize and offer a customized plan of overdraft protection or short-term credit while customers are prepared to cover the bills without any financial strain.</p>
<p dir="ltr" style="text-align: justify;">Neobanks have a real-time personalization advantage, mainly because of their AI capability to process data in a split second. When the user interacts with the neobank&rsquo;s app or website, the AI assesses this behavior and displays the interface and the services accordingly.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><strong>For example:</strong>&nbsp;If the user checks the exchange rates frequently, the AI could display updated news on currency, inform about rate changes, and suggest an upgrade to a multi-currency bank account service.</p>
<p><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/success-stories/chameleon-pay" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786904675.png" width="100%" height="100%" /><span class="incut--text">Learn more about Agilie&rsquo;s development process of a multi-digital wallet app.</span></a></p>
<p dir="ltr" style="text-align: justify;">Neobanks apply data analytics to figure out users&rsquo; financial behavior and lifestyle preferences, which leads to segmenting the customer base into specific groups and profiles and then rolling out products to meet individual needs.</p>
<p dir="ltr" style="text-align: justify;">Neobanks offer real and tailored solutions that assist in the development of customer credibility and solidity. They foster adhesion and retention via the process of offering personalized financial information, specialized product selection, and proactive customer support. Artificial intelligence can identify new business clients and improve personalization to boost the relationship.</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786928262.png" /></p>
<h3 dir="ltr" style="text-align: justify;">Crypto Integration</h3>
<p dir="ltr" style="text-align: justify;">Neobanking platforms incorporate cryptocurrency services into their offerings, using blockchain technology for trading, investment, and crypto storage for tech-savvy clients and by meeting the growing demand for easy-to-understand and secure cryptocurrency services.</p>
<p dir="ltr" style="text-align: justify;"><strong>Cryptocurrency Trading:</strong>&nbsp;Neobanks incorporate cryptocurrency buying, selling, and exchanging infrastructure within the app interfaces, allowing users to trade cryptos like traditional currencies. Sophisticated functionality includes smart bots, real-time data analysis, and alerts.</p>
<p><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/steps-in-our-neobank-development-process" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713787033192.png" width="100%" height="100%" /><span class="incut--text">Discover how to develop a successful neobank in 2024.&nbsp;</span></a></p>
<p dir="ltr" style="text-align: justify;"><strong>Cryptocurrency Investment:</strong>&nbsp;Neobanks provide structured cryptocurrency investment products such as savings accounts and sophisticated financial products like crypto index funds and staking pools to create easy access to the welcoming environment for newbie investors.</p>
<p dir="ltr" style="text-align: justify;"><strong>Secure Storage Solutions:</strong>&nbsp;Neobanks goes a step further with secure storage solutions for digital assets, including insured wallets with multiple authentication options like biometric access controls, multi-signature, and decentralized backup systems assuring a secure and safe environment for customers.</p>
<p dir="ltr" style="text-align: justify;">Neobanks enhance customer knowledge and offer resources on investment risks, cryptocurrency, market dynamics, and security practices. This approach helps users interact and build trust around the service.</p>
<p><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/expertise/fintech" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713787089626.png" width="100%" height="100%" /><span class="incut--text">Learn more about Agilie&rsquo;s fintech software development services.&nbsp;</span></a></p>
<h2 dir="ltr" style="text-align: justify;">Conclusion</h2>
<p dir="ltr" style="text-align: justify;">Neobanking is reshaping the banking landscape through continuous innovation and customer-centric change through the use of sophisticated biometric security, AI assistants, hyper-personalization, and cryptocurrency services. Such trends are changing banking into a secure, customer-focused, and technologically merged service. Neobanks respond to the changing times and form technology-driven solutions to overcome competition and support growth in the digital era. The continued success of neobanks lies in their capability to incorporate new technologies with a consumer-oriented approach.</p>
<p dir="ltr" style="text-align: justify;">Agilie is a reliable partner in neobanking and fintech innovation, with solutions designed individually to match demands and exceed them.&nbsp;<a href="https://agilie.com/company" target="_blank" rel="noopener">Our team</a>&nbsp;has the competencies in regulatory compliance to guarantee that businesses engage with the complexities swiftly. Agilie provides continuous support and tactical insights, so clients can adjust and succeed in the financial sector.</p>
<p><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713787138819.png" width="100%" height="100%" /><span class="incut--text">Contact us and make your idea a skyrocketing reality. </span></a></p>

<p>Stay ahead in the fast-growing fintech industry and explore the neobanking trends in 2024 with Agilie.</p>

Stay ahead in the fast-growing fintech industry and explore the neobanking trends in 2024 with Agilie.

Neobanking Trends 2024

<p dir="ltr" style="text-align: justify;">Digital banking is a powerful tool that serves to reshape and redefine traditional banking and competition. Banks should know the problems and hazards associated with this transformation to survive. Cybersecurity is the basis of digital banking trust and is the most needed tool to fight against cyber threats and develop the best fraud prevention strategies. The industry is simultaneously tackling unimaginable opportunities and impenetrable barriers, with success depending on innovation, consumer-oriented strategies, and information security. Agilie's team prepared the list of cyber threats for digital banks, prevention plans, as well as challenges to stay aware and run a successful digital bank.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="Digital banking has many challenges, such as cybersecurity, technical advancements, compliance, interoperability, and intense competitiveness.

Digital banks have to fight against phishing, malware, ransomware, data breaches, API security vulnerabilities, and the poor security of third-party services to keep their clients&rsquo; private information intact and to protect their reputations.

Digital banks have to innovate in terms of user experience and efficiencies in the operational tasks to get through the complex regulatory landscape and in synchronization of data and real-time processing without interrupting the standard operations.">
<div class="form-description-title">Key Takeaways</div>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">Digital banking has many challenges, such as cybersecurity, technical advancements, compliance, interoperability, and intense competitiveness.</p>
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
<p dir="ltr" role="presentation">Digital banks have to fight against phishing, malware, ransomware, data breaches, API security vulnerabilities, and the poor security of third-party services to keep their clients&rsquo; private information intact and to protect their reputations.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">Digital banks have to innovate in terms of user experience and efficiencies in the operational tasks to get through the complex regulatory landscape and in synchronization of data and real-time processing without interrupting the standard operations.</p>
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;">Cybersecurity and Fraud Risks and Prevention in Digital Banking</h2>
<p dir="ltr" style="text-align: justify;">Safe digital banking is critically dependent on cybersecurity and fraud prevention. Let&rsquo;s look into cyber threats and find out how to prevent them.</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948222726.png" /></p>
<h3 dir="ltr" style="text-align: justify;">1. Phishing Attacks and Spoofing</h3>
<p dir="ltr" style="text-align: justify;">Cybercriminals apply phishing as a form of the widely used trick aimed at social engineering to get personal and financial information. Fraudsters pretend to be the regular communication channels of financial organizations, directing unsuspecting customers to the websites where they enter their sensitive data. Digital banks make this threat impossible with the help of advanced email spam filtering, multi-factor authentication, and the continuous promotion of phishing awareness and readiness among consumers.</p>
<p dir="ltr" style="text-align: justify;">Spoofing, which is disguising, for example, as a bank and misleading users or systems, is another form of enormous threat. Spoofing can be a part of a phishing attack. It might simulate email addresses, phone numbers, or websites. Banks counter forgeries by implementing strong authentication tools such as SPF (Sender Policy Framework) and DKIM (DomainKeys Identified Mail), which are security protocols that ensure the legitimate use of communication channels.</p>
<h3 dir="ltr" style="text-align: justify;">2. Malware and Ransomware</h3>
<p dir="ltr" style="text-align: justify;">These categories of threats incorporate hackers putting dangerous software to pierce banking systems, encrypt crucial data, and demand ransom. Digital banks counter the risks of malware using comprehensive tools, frequent software updates, and robust data backup processes, which involve restoring information without giving in to ransom demands.</p>
<h3 dir="ltr" style="text-align: justify;">3. Data Breaches and Insider Threats</h3>
<p dir="ltr" style="text-align: justify;">Data breach is one of the most common cyber issues in the digital banking sector. Banks use sophisticated encryption tools, data anonymization techniques, and secure storage to reduce the risk of data breaches. Regular data security assessment and compliance with international data protection regulations are keys to data protection and customer confidence.</p>
<p dir="ltr" style="text-align: justify;">Insider threats, including the ones arising from negligence or deliberate attempts to obtain data, can cause disastrous data breaches. Banks attain this purpose by the use of sophisticated and filtered access controls, intensified employee checks, and rigorous monitoring of unusual activities.</p>
<h3 dir="ltr" style="text-align: justify;">4. API Security Vulnerabilities</h3>
<p dir="ltr" style="text-align: justify;">APIs facilitate the performance and integration of virtual banking services, yet they are vulnerable to security breaches without proper safeguarding. Proper mechanisms against API weaknesses should involve regular information security inspections, deploying API gateways, and also enforcing strict authentication principles that grant only accredited entities access to APIs.</p>
<h3 dir="ltr" style="text-align: justify;">5. Third-Party Services</h3>
<p dir="ltr" style="text-align: justify;">Many digital banks outsource services to other companies operating, which may result in service disruptions or security threats. Banks can have a strong security system in contrast to third-party services. That's why thorough inspection of third parties, consistent monitoring of their actions, and making security protocols an integral component of all third-party collaboration agreements are crucial in limiting the possibility of security gaps that could creep in through external partnerships.</p>
<p><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/steps-in-our-neobank-development-process" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948284316.png" width="100%" height="100%" /><span class="incut--text">Find out how to develop a secure and successful neobank in 2024.</span></a></p>
<h2 dir="ltr">Most Common Digital Banking Challenges</h2>
<p dir="ltr" style="text-align: justify;">Financial institutions are going through a rapid digital transformation and the accomplishment of synchronized interaction with the existing banking systems is demanding, and involves complex technical and regulatory issues.</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948333689.png" /></p>
<h3 dir="ltr" style="text-align: justify;">1. Legacy Systems Compatibility</h3>
<p dir="ltr" style="text-align: justify;">Traditional banks implement outdated systems through programming languages and designs which are often incompatible with current digital banking technologies. The challenge is about how we can bring about secure, resilient technologies together with a user-friendly and interactive interface.</p>
<h3 dir="ltr" style="text-align: justify;">2. Data Synchronization and Real-Time Processing</h3>
<p dir="ltr" style="text-align: justify;">Data synchronization and real-time processing among banks constitute another challenge. They are important for the customers as they give access to their financial information anywhere. A robust and scalable data processing system can have lots of transactions processing at the same time and synchronizing among its different parts. Technology like microservices architecture and event-driven data management can facilitate this by providing efficient messaging and simultaneous updates across platforms.</p>
<h3 dir="ltr" style="text-align: justify;">3. Regulatory Compliance</h3>
<p dir="ltr" style="text-align: justify;">Interoperability also poses the question of dealing with regulatory issues, which can differ from one jurisdiction to another. Digital banks must be sure that the integration satisfies all necessary regulatory requirements, for instance, data privacy laws, AML directives, and banking secrecy acts.</p>
<p dir="ltr" style="text-align: justify;">Compliance becomes especially complicated if the digital banks need to be integrated with systems from other countries. Banks are required to invest in advanced RegTech solutions which will enable them to comply with different regulatory environments and embed secure cross-border data flows in all local compliance requirements.</p>
<h3 dir="ltr" style="text-align: justify;">4. Security Protocols</h3>
<p dir="ltr" style="text-align: justify;">The integration of different banking systems cannot lead to the weakening of platform security. Every system has its security procedures, and their alignment will be a complicated task. Building an architecture for security requires incorporating the good practices of each system and other features that will cover the functional gaps caused during the integration. Authenticating by the OAuth procedure and end-to-end encryption should be the top priority of integrity and user convenience.</p>
<h3 dir="ltr" style="text-align: justify;">5. User Experience Consistency</h3>
<p dir="ltr" style="text-align: justify;">Banks encounter the challenges of ensuring a consistent user experience when they deploy both old and new systems. Improper integration of different systems often leads to disjointed customer intervention when they are combined. Utilization of user experience (UX) principles uniformly throughout all the platforms will help in providing customers with a consistently smooth experience regardless of where they interact with the brand.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/neobanking-trends-2024" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948383769.png" width="100%" height="100%" /><span class="incut--text">Learn more about neobanking trends in 2024.</span></a></p>
<h2 dir="ltr">Competition in the Digital Banking Space</h2>
<p dir="ltr" style="text-align: justify;">Competition in the digital banking industry is fierce, as more fintech companies enter the market and traditional banks investigate how to enrich their digital offerings. The increased competition can result in lower profits and a loss of market share for the traditional banks that fail to adapt fast and offer innovative and user-friendly digital banking services.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Since competing in the digital banking space is dynamic and multi-directional, new players may find it hard to enter successfully in the race. As tech innovation is a key determinant in the digital banking and fintech market competition, the participants in this sector tend to capitalize on advanced technologies like artificial intelligence, machine learning, and blockchain to improve services' quality and efficiency, with features like real-time payment and active fraud prevention systems becoming standard. Digital banks should offer strong security measures and be finance regulation compliant to consumers to remain customers confident.&nbsp;</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/success-stories" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948439477.png" width="100%" height="100%" /><span class="incut--text">Learn more about Agilie&rsquo;s cases and introduce our diverse innovative solutions.&nbsp;</span></a></p>
<p dir="ltr">Digital banks make a huge push into the user experience (UX) and user interface (UI) design offerings to attract and retain users. It encompasses account opening convenience, transaction simplicity, and the ability to get financial advice through digital channels, allowing being in the market's leading class.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948458579.png" /></p>
<p dir="ltr" style="text-align: justify;">Digital banks with their flexible approaches can enter new markets very quickly and skip traditional banks, having the advantage of updating to changing regulatory environments. They propose many different financial services and customize them for particular communities. The creation of strategic partnerships between fintech enterprises, software development companies, traditional banks, and non-financial entities is a key factor in multiplying gains. Digital banks provide a cost advantage by operating with fewer operational expenses due to the non-maintenance of physical branch offices and providing services at competitive prices.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/expertise/fintech" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948504284.png" width="100%" height="100%" /><span class="incut--text">Discover our fintech software development services to create a skyrocketing neobank.&nbsp;</span></a></p>
<h2 dir="ltr">Conclusion</h2>
<p dir="ltr" style="text-align: justify;">The digital banking setting is developing through technology, risks and challenges, requisite regulation, and a high level of market competition. The expansion and transformation of this industry bring to view an urgent need for strong digital solutions that consider security, improve the quality of the client experience, and assist in smooth and reliable integration with the existing tools. Embracing risks, challenges, and opportunities is a must-have element for any bank that wants to sustain success in the digital era.</p>
<p dir="ltr" style="text-align: justify;">Getting through this complex landscape requires the knowledge and mastery of financial technologies and their advancement, implementation, and use. Agilie, a fintech software development company, is an expert in cybersecurity, compliance, customer experience, and innovative technology integration. We can customize unique offerings to revolutionize digital banking, ensuring security, reliability, and efficiency. Partnering with Agilie will grant financial institutions a chance to surpass their competitors, turning their concerns into a springboard to growth and success.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948567418.png" width="100%" height="100%" /><span class="incut--text">Take the first step towards transforming your digital banking services. Reach out to Agilie and let&rsquo;s discuss how we can help you succeed in the fintech space.</span></a></p>

<p>Explore the challenges and risks in digital banking today, and learn how robust security and technological innovation drive success in the fintech industry.</p>

Explore the challenges and risks in digital banking today, and learn how robust security and technological innovation drive success in the fintech industry.

Risks and Challenges Awaiting Digital Banking Projects Now

<p>Delve into the best security practices for neobanks to develop secure, trustworthy, and successful digital banking apps.</p>

Delve into the best security practices for neobanks to develop secure, trustworthy, and successful digital banking apps.

Top Security Practices for Neobanking You Need to Know

<p dir="ltr" style="text-align: justify;">Neobanks represent an innovative avenue to build modern and efficient banking solutions. The major factor of the neobank&rsquo;s success is a strong digital infrastructure created by an expert development team. The team is proficient in coding and involves innovative solutions, strong security implementation, and user-oriented design. They have to ensure compliance with regulatory standards, guarantee data protection, and provide scalable solutions that meet the organization's growing needs. Agilie in this article has presented a detailed process for hiring a development team that is in line with the neobank&rsquo;s mission and vision.</p>
<div id="form-description" class="form-description" data-title="Key Takeaways" data-text="To successfully launch and operate a neobank, it's crucial to hire a skilled development team that understands fintech and digital banking. 

The process of finding the right team needs a clear vision of your needs, the usage of appropriate recruitment platforms, and comprehensive support from an expert team that offers end-to-end services.

Prioritizing strong client relationships is a factor that helps to make informed decisions based on cultural fit.">
<div class="form-description-title">Key Takeaways</div>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">To successfully launch and operate a neobank, it's crucial to hire a skilled development team that understands fintech and digital banking.&nbsp;</p>
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
<p dir="ltr" role="presentation">The process of finding the right team needs a clear vision of your needs, the usage of appropriate recruitment platforms, and comprehensive support from an expert team that offers end-to-end services.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" style="text-align: left;" role="presentation">Prioritizing strong client relationships is a factor that helps to make informed decisions based on cultural fit.</p>
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;">Identifying Your Needs</h2>
<p dir="ltr" style="text-align: justify;">Defining the major components of your neobank and the skills of your development team is important when starting your neobank business. This is an initial phase that builds the foundation of your project&rsquo;s possibility of success. This is a guide that will show you how to recognize members with crucial skills, experience, and expertise in this project for building a top-notch neobank creation team.</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475062456.png" /></p>
<p dir="ltr" style="text-align: justify;"><strong>Key Roles in a Neobank Development Team</strong>&nbsp;</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Project Manager (PM):</strong>&nbsp;The PM controls the entire development process to ensure that the project arrives within time, budget, and specification. They provide a communication link between the developers and stakeholders.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Business Analyst (BA):</strong>&nbsp;BA has the vital role of transforming complicated financial needs into business solutions. They collaborate with stakeholders to articulate business needs, restructuring processes, and achieve compliance in the neobanking industry.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>UI/UX Designer:</strong>&nbsp;Since user experience (UX) is one of the major factors in the success of neobanking, a designer knowledgeable in user interface design (UI) is essential. They not only deal with the style and atmosphere of your virtual bank but also keep an eye on using simple designs that enhance the level of user satisfaction and engagement.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Software Developers:</strong>&nbsp;You will have to hire a mix of both front and backend developers who have experience with&nbsp;<a href="https://agilie.com/expertise/fintech" target="_blank" rel="noopener">fintech software development</a>. Frontend developers work with what users directly see and interact with in the application or website. Backend Developers work on the server side, administering the database and application logic. They should know modern programming languages and frameworks. Every software developer should prioritize security. In a neobank&rsquo;s financial nature, security is an inevitable element.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Quality Assurance (QA) Engineers:</strong>&nbsp;QA engineers are irreplaceable in the building of a perfect user interaction mechanism. They conduct the testing and debugging of the code, making sure that the software is trusted, performs well, and is free from bugs.&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>DevOps Engineer:</strong>&nbsp;This function includes improving the processes of development and deployment using cloud technologies and tools, with a focus on security. This will therefore make sure that your banking platform can scale up and adapt fast to the ever-changing situations.</p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Operating a neobank largely involves more than technical expertise. It can only be successful if the dev team deeply understands the financial regulations, data security, and customer-centric design. The team members should possess agile workflow skills and be able to quickly and seamlessly integrate changes in the code base, processes, and environment. But how to find candidates? We will share our recommendations in the next chapter.&nbsp;</p>
<h2 dir="ltr" style="text-align: justify;">Finding Candidates</h2>
<p dir="ltr" style="text-align: justify;">The next key step is to find the appropriate candidates. Whether you're after a single node or a full development team, using the right platforms can immensely ease the process. Here's how you can handle the recruitment landscape masterfully.</p>
<h3 dir="ltr" style="text-align: justify;">Utilizing Professional and Job-Specific Platforms</h3>
<p dir="ltr" style="text-align: justify;"><strong>LinkedIn:</strong>&nbsp;It is a critical network for professionals. Look through the LinkedIn profiles of the applicants to gain insights into their background, former project involvement, and professional acquaintances. It&rsquo;s also a good placement for posting job ads and getting to a wide audience of professionals looking for new jobs.</p>
<p dir="ltr" style="text-align: justify;"><strong>GitHub:</strong>&nbsp;Linked to technical jobs, especially for software developers, GitHub is of utmost importance. It offers the ability to review the previous work of candidates, analyze their coding style, and comprehend their contributions to different projects. This is a key factor in assessing a developer's technical expertise.</p>
<p dir="ltr" style="text-align: justify;"><strong>Industry-specific sites:</strong>&nbsp;Sites such as Clutch, Manifest, GoodFirms, and IT Firms concentrate on rating and reviewing technology service companies. They comprise customer reviews, ratings, and detailed profiles of companies that specialize in the development of software, including neobank solutions.</p>
<p dir="ltr" style="text-align: justify;"><strong>Clutch</strong>&nbsp;is a suitable resource for locating development firms as it focuses on B2B services only. To make a successful search, apply appropriate keywords and filters, as well as pay attention to the service focus and portfolio of every company. Pay attention to clients&rsquo; reviews, credibility, and in-depth case studies. Client reviews help to tell about project management, communication, and results. Look through in-depth case studies to see how the firm goes about projects and how they approach complexity. Make sure the team has the appropriate technical abilities and a reputation among clients for delivering excellent results to be successful.&nbsp;</p>
<p dir="ltr" style="text-align: justify;">Agilie stands apart as a highly-ranked company on platforms such as Clutch because client reviews document our customer-oriented approach, innovative solutions, and solid software development abilities. These awards are a testament to our unwavering resolve to provide reliable, scalable, and secure digital banking services.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475178760.png" /></p>
<p dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714476206917.png" /></p>
<p dir="ltr">Client testimonials and expert reviews bring in information about a firm&rsquo;s dependability, quality, and performance. Choosing candidates from these sources guarantees an experienced development squad that can create a neobank.</p>
<p dir="ltr" style="text-align: justify;">Additionally, we would like to emphasize client relationships, and we will discuss this in the next chapter.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475303351.png" width="100%" height="100%" /><span class="incut--text">Learn more about us by visiting our website.</span></a></p>
<h2 dir="ltr" style="text-align: justify;">Client Relationships&nbsp;</h2>
<p dir="ltr" style="text-align: justify;">Launching a neobank is a process of several steps that require constant communication between you and the development team members. An exemplary team of professionals having in-depth abilities and being client-oriented will be the determining factor of the project.</p>
<p dir="ltr" style="text-align: justify;">A development team that prioritizes client relationships is essential for several reasons.</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Communication:</strong>&nbsp;Clarity, consistency, and transparency are the cornerstones that will ensure that there is a collective understanding and proper implementation of the vision. This methodology solves the problem of misunderstandings and saves the sustainable alignment of the project under the goals.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Flexibility:</strong>&nbsp;Being up-to-date with the latest demands and alterations is highly critical in the constantly changing sector of fintech. A team that fully understands the industry environment, market, and customer requirements will have the highest capability to react to the market change and will help you to be the market leader.</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation"><strong>Support:</strong>&nbsp;The support from the start to the end, as well as after launching, is critical for problem-solving and scaling the solution when your business grows.</p>
</li>
</ul>
<h3 dir="ltr" style="text-align: justify;">Agilie&rsquo;s Approach to Client Relations</h3>
<p dir="ltr" style="text-align: justify;">At Agilie, we consider our customer relations equally valuable as our technological competencies. We are delighted to describe our approach to client communications.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><strong>Personalized Service:</strong>&nbsp;Each customer is distinctive, and so does their peculiar requirements. We appoint a designated project manager to every project. This manager functions as a link between our customers and our development team, guaranteeing that every correspondence is relevant and responds to the necessities and preferences of our clients.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><strong>Proactive Engagement:</strong>&nbsp;We don&rsquo;t just react to problems; we prevent them. During all stages of development, our team makes regular check-ins and updates to keep you informed about the progress of the project and to gather your references on crucial decisions. Our team implements preventive practices to neutralize threats before they turn into problems.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><strong>Transparent Processes:</strong>&nbsp;Transparency is an integral part of our activities. We bring development progress and financial expenditures right on time. This transparency ensures trust and there are no hidden actions.&nbsp;</p>
<p dir="ltr" style="text-align: justify;"><strong>Long-term Partnership Focus:</strong>&nbsp;Agilie aims at long-term relationships. We offer ongoing support and development services to help you adjust to the future growth of your neobank.</p>
<p dir="ltr">According to our clients, they value Agilie's ability to listen, adapt, meet deadlines, and consistently deliver high-quality results.</p>
<p dir="ltr">&nbsp;&nbsp;&nbsp;<a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/success-stories" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475404994.png" width="100%" height="100%" /><span class="incut--text">Learn more about our case studies and how we have created marvelous projects.</span></a></p>
<h2 dir="ltr">Making the Decision</h2>
<p dir="ltr" style="text-align: justify;">Selecting the right development team for your neobank is a critical choice that will greatly affect the fate and path of your project. This choice should be based on both technical skills and cultural fit evaluation. We will take you through the evaluation process to make an informed hiring decision.</p>
<p dir="ltr" role="presentation"><strong>1. Assessing Technical Expertise:</strong></p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Review Portfolios and Case Studies</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Check References and Testimonials</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Evaluate Technical Presentations or Pitches</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Consider requesting a technical assessment</p>
</li>
</ul>
<p dir="ltr" role="presentation"><strong>2. Considering Cultural Fit</strong></p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Communication Style</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Project Management Approach</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Values and Vision</p>
</li>
</ul>
<p dir="ltr" role="presentation"><strong>3. Balancing Cost and Value</strong></p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">Cost Efficiency vs. Investment Return (A higher upfront cost might be justified by superior quality and longer-term savings in maintenance and scalability)</p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">As you make your choice, keep in mind how Agilie interacts with the technical and cultural sides of the project. We value your opinion as it is our success indicator, as well as the success of your bank.</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/blog/steps-in-our-neobank-development-process" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475720919.png" width="100%" height="100%" /><span class="incut--text">Find out our neobanking development process and its price in our article.</span></a></p>
<h2 dir="ltr">Conclusion</h2>
<p dir="ltr" style="text-align: justify;">Hiring a neobank development team is a complicated step, and its thoroughness is critical. The main part of this process includes:</p>
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">identifying your needs,&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">finding candidates,&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">building relationships,&nbsp;</p>
</li>
<li dir="ltr" aria-level="1">
<p dir="ltr" role="presentation">making the ultimate choice.&nbsp;</p>
</li>
</ul>
<p dir="ltr" style="text-align: justify;">Hiring process efficiency involves evaluating technical skills, cultural alignment, communication, and a potential for a long-term relationship. The technical expertise will guarantee that the project is done according to the highest standards, and cultural alignment will create a collaborative environment. Effective communication and excellent client relationships will result in the development of better solutions that satisfy all customer needs.</p>
<p dir="ltr" style="text-align: justify;">Through proper screening of prospective alliances, understating their strengths and weaknesses, and choosing a partner who relates to both your technical requirements and your company's culture, we can guarantee scalable, user-centric, and time-tested neobank.&nbsp;</p>
<p dir="ltr"><a class="incut--wrap" style="transition-delay: 0s;" href="https://agilie.com/contacts" target="_blank" rel="noopener" aria-label="incut"><img style="height: 344px; width: 778px;" src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475762130.png" width="100%" height="100%" /><span class="incut--text">Contact Agilie to realize your vision with the utmost dedication, expertise, and success.</span></a></p>

<p>Get all the information on how to hire a development team to build a neobank from the experts at Agilie, and get closer to your success.</p>

Get all the information on how to hire a development team to build a neobank from the experts at Agilie, and get closer to your success.

How To Hire A Development Team For Building A Neobank

<p><span style="text-align: justify;">Explore the future of blockchain technology in various industries, its transformative impacts, challenges, and potential in this article.&nbsp;</span></p>

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<p><span style="text-align: justify;">Explore key blockchain technology trends and stay ahead in its innovation with insights and practical examples.</span></p>

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