A phone call is a fast but inconvenient way of communication. The vast majority of modern people prefer to write to their colleagues, relatives, and friends. Thus, a multipurpose messenger is really needed.&nbsp;
Today the most popular apps are Telegram and WhatsApp. According to some opinions, Telegram is better than WhatsApp. Consequently, which to give preference to? We are here to help you choose&nbsp;the best option.
<h2 dir="ltr">WhatsApp</h2>
WhatsApp is a good messenger with an audience of more than two billion people around the world. Designed for instant communications such as chats and calls, the app is usually used to keep in touch with family members and friends.
Some time ago WhatsApp joined Facebook and other Mark Zuckerberg&rsquo;s services. It has affected the privacy policy, accessibility (dependence on Facebook&rsquo;s servers), and the speed of feature implementation. Currently, there are no problems sending emojis, stickers, GIFs, pictures, files, location, and music. But the limit is 16 MB.
Pros:
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
Satisfactory quality of voice and video calls;
</li>
<li dir="ltr" aria-level="1">
Prevalence (a huge number of users);
</li>
<li dir="ltr" aria-level="1">
Support multi-platform, but having the mobile version installed is compulsory.
</li>
</ul>
Cons:
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
A limited size of files;
</li>
<li dir="ltr" aria-level="1">
A limited number of group members (only 256 while in Telegram the maximum is 200 000);
</li>
<li dir="ltr" aria-level="1">
Lack of some features (their list below).
</li>
</ul>
WhatsApp, unlike Telegram, has an option, which allows you to upload photos in the status section. In 24 hours, such content disappears. Unfortunately, businesses hardly ever appreciate this good feature.&nbsp;
To start using the web or PC version of WhatsApp, follow the link: <a href="https://www.whatsapp.com/download">https://www.whatsapp.com/download</a>. But first, install the mobile app via the Play Market or App Store.&nbsp;&nbsp;&nbsp;&nbsp;
<h2 dir="ltr">Telegram</h2>
Telegram has about 550 million users. It is exactly the case when the amount of them doesn&rsquo;t show the whole truth about its usability and features. Not only many ordinary users but also companies prefer Telegram because it is a great WhatsApp alternative client.
Telegram was created by two brothers Nikolai and Pavel Durov in 2013. Their software product appeared after Mail.ru Group acquired Vkontakte (brothers&rsquo; first communication solution). Today their messenger is a combination of useful features (the application can replace almost all your social networks).
One of the main reasons why Telegram is better than WhatsApp is that it stores the data on its own servers. So, if you lose your gadget or the memory card breaks, all your files and chats will remain safe. WhatsApp Messenger makes backups once in a while (every day, week, or month) on Google disk. You can lose the last sent information if a backup has not been created.
Telegram works on a multi-platform independently. There is no restriction to use the application only on a PC without a mobile application.
Telegram allows you to make a voice chat like in ClubHouse. It is a great feature if you need to gather all group members online. And another feature has to do with entertainment. It is possible to create your own sticker pack with your workers, colleagues, or friends.&nbsp;
Businesses have gotten internal online payments in Telegram. The user selects necessary goods and then enters his card data, which will be securely transferred to the bank.&nbsp;&nbsp;
As far as the disadvantages of Telegram, it contains some unwanted channels linked with the Dark Internet. Also, sometimes users encounter the poor quality of voice and video calls.
On the site <a href="https://telegram.org/apps">https://telegram.org/apps</a> you may download any version of Telegram. The installation of the mobile application is optional.
<h2 dir="ltr">Telegram vs WhatsApp debate: Common and Distinctive Things</h2>
Let&rsquo;s compare these two apps with the following items:
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
Accessibility and availability;
</li>
<li dir="ltr" aria-level="1">
Security;
</li>
<li dir="ltr" aria-level="1">
Privacy;
</li>
<li dir="ltr" aria-level="1">
Services and functions;
</li>
<li dir="ltr" aria-level="1">
Interface convenience.
</li>
</ul>
<h3 dir="ltr">Accessibility and Availability</h3>
Having many users requires a lot of resources, and these two apps don&rsquo;t have any issues with that. But to be honest, some problems with accessibility sometimes happen. As an example, WhatsApp, Facebook, Instagram were unavailable for 7-8 hours on October 5, 2021. Throughout this time Telegram had gotten a large number of new users: about 70 million. When problems concern Telegram, it doesn&rsquo;t work for less than several hours.
WhatsApp app supports Android from 4.0.3 and iOS from 9.0 while Telegram supports Android from 4,1 and iOS from 9.
<h3 dir="ltr">Security</h3>
Telegram definitely exceeds WhatsApp because it has a high standard encryption technique. Hackers experience some difficulties with intercepting and decrypting messages. If you use this app on multiple gadgets, you are able to log out of all sessions in no time.
WhatsApp can&rsquo;t boast of such a level of security, so in the Telegram vs WhatsApp race, the first one becomes the winner. But it is worth mentioning that WhatsApp uses an end-to-end encryption method (E2E) when it comes to your messages.
<h3 dir="ltr">Privacy</h3>
Since WhatsApp became part of Facebook it has had poor privacy terms. Some rules of the platform force users to look for alternatives to the WhatsApp app. People are dissatisfied that the application reveals their personal phone numbers. Besides, group chats with your number appear in the Google search, so everyone can interrupt your discussions.
Telegram is deprived of this problem. It uses usernames, and thanks to them you are able to interact on the chat platform. Moreover, there are unlimited proxy servers that allow you to hide your device&rsquo;s IP. It is a big difference between WhatsApp and Telegram.
Some people dislike it when strangers add them into groups without permission. A set of permissions in Telegram is intended for you if you belong to such people.
<h3 dir="ltr">Services and Features</h3>
Common things:
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
Sending files, photos, videos, location, stickers, emoji, GIF;
</li>
<li dir="ltr" aria-level="1">
Voice and video calls;
</li>
<li dir="ltr" aria-level="1">
Creating groups;
</li>
<li dir="ltr" aria-level="1">
Smartphone and PC apps, web clients.
</li>
</ul>
Distinctive things:
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
File and group limits (16 MB in WhatsApp versus 2 GB in Telegram);
</li>
<li dir="ltr" aria-level="1">
Security level and data encryption;
</li>
<li dir="ltr" aria-level="1">
Working on different gadgets independently.
</li>
</ul>
Features, which WhatsApp doesn&rsquo;t have:
<ul style="list-style-type: disc;">
<li dir="ltr" aria-level="1">
Launching bots;
</li>
<li dir="ltr" aria-level="1">
Channels;
</li>
<li dir="ltr" aria-level="1">
Online payments;
</li>
<li dir="ltr" aria-level="1">
Music player;
</li>
<li dir="ltr" aria-level="1">
Reading diverse types of files;&nbsp;&nbsp;
</li>
<li dir="ltr" aria-level="1">
Fine-tuning various permissions;
</li>
<li dir="ltr" aria-level="1">
Online voice chats in groups;
</li>
<li dir="ltr" aria-level="1">
Secret Chat with end-to-end encryption (messages can&rsquo;t be forwarded);
</li>
<li dir="ltr" aria-level="1">
Animated stickers;
</li>
<li dir="ltr" aria-level="1">
Article instant view (automatic formatting texts in a simple, readable way);
</li>
<li dir="ltr" aria-level="1">
Moving chat history from other apps. It is a good feature if you are searching WhatsApp client alternative;
</li>
<li dir="ltr" aria-level="1">
Chat Folders;
</li>
<li dir="ltr" aria-level="1">
Saved messengers (a separate section, which may be your cloud storage).
</li>
</ul>
<h3 dir="ltr">Interface convenience</h3>
Despite so many features in Telegram, the interface of both apps is user-friendly and comfy. So, if you need a simple messenger, WhatsApp and Telegram will suit you.
WhatsApp is a simple solution for chatting and calling. Moreover, the messenger has two billion users, which means you can find a necessary person with high probability. This is important for some businesses.&nbsp;&nbsp;
Telegram offers so many wonderful features but not everyone needs big functionality. Which app to choose is only up to you.&nbsp;
None of these messengers are suitable for you? Well, then in our other article, we will answer the following question: &ldquo;<a href="https://agilie.com/blog/how-to-make-a-chat-app-like-whatsapp">How much does it cost to make a mobile app</a> such as WhatsApp?&rdquo;.

Is Telegram a good WhatsApp alternative client and vice versa? Follow the link with the Telegram vs WhatsApp comparison.

Telegram and WhatsApp are two of the most popular messengers 

Telegram Messenger vs WhatsApp: Which One is Better?

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<span style="color: #0d0d0d; font-family: S&ouml;hne, ui-sans-serif, system-ui, -apple-system, 'Segoe UI', Roboto, Ubuntu, Cantarell, 'Noto Sans', sans-serif, 'Helvetica Neue', Arial, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; font-size: 16px; text-align: start; white-space-collapse: preserve; background-color: #ffffff;">Explore our article to discover whether AI marketing solutions have the potential to replace human efforts.

The job of marketers is essential for the prosperity of any company ⚡ And modern marketing automation platforms are the best way to improve the efficiency of these experts. Follow the link ⥤ ⥤ and find out what artificial intelligence in content marketing is and when AI marketing solutions can replace us, humans.

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Wanna increase business conversions and attract more customers? Then consider integrating virtual assistants into your digital platform. Follow the link to learn more!

Wanna increase business conversions and attract more customers? Then consider integrating virtual assistants into your digital platform 

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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.
<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">
The neobanking business attracts more customers and enters new markets with a prediction to get 386.30 million users by 2028.
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
Attention to the latest trends helps offer modern, effective, and secure banking solutions.
</li>
<li dir="ltr" aria-level="1">
Neobanks integrates biometric security technology, AI-based assistance, personalization, and cryptocurrency for secure, user-friendly, and individualized services.&nbsp;
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;">Neobanking trends</h2>
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786619753.png" />
<h3 dir="ltr" style="text-align: justify;">Open Banking</h3>
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786641468.png" />
<h3 dir="ltr" style="text-align: justify;">Banking-as-a-Service (BaaS)</h3>
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786680811.png" />
<h3 dir="ltr" style="text-align: justify;">AI-powered Assistance</h3>
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;
For example:&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.
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.
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.
<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%" />Learn more about AI and ML solutions in fintech.&nbsp;</a>
<h3 dir="ltr" style="text-align: justify;">Hyper-personalization</h3>
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.
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;
For example:&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.
<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%" />Learn more about Agilie&rsquo;s development process of a multi-digital wallet app.</a>
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.
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713786928262.png" />
<h3 dir="ltr" style="text-align: justify;">Crypto Integration</h3>
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.
Cryptocurrency Trading:&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.
<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%" />Discover how to develop a successful neobank in 2024.&nbsp;</a>
Cryptocurrency Investment:&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.
Secure Storage Solutions:&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.
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.
<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%" />Learn more about Agilie&rsquo;s fintech software development services.&nbsp;</a>
<h2 dir="ltr" style="text-align: justify;">Conclusion</h2>
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.
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.
<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%" />Contact us and make your idea a skyrocketing reality. </a>

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

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

Neobanking Trends 2024

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.
<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">
Digital banking has many challenges, such as cybersecurity, technical advancements, compliance, interoperability, and intense competitiveness.
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
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.
</li>
<li dir="ltr" aria-level="1">
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.
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;">Cybersecurity and Fraud Risks and Prevention in Digital Banking</h2>
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948222726.png" />
<h3 dir="ltr" style="text-align: justify;">1. Phishing Attacks and Spoofing</h3>
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.
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.
<h3 dir="ltr" style="text-align: justify;">2. Malware and Ransomware</h3>
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.
<h3 dir="ltr" style="text-align: justify;">3. Data Breaches and Insider Threats</h3>
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.
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.
<h3 dir="ltr" style="text-align: justify;">4. API Security Vulnerabilities</h3>
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.
<h3 dir="ltr" style="text-align: justify;">5. Third-Party Services</h3>
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.
<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%" />Find out how to develop a secure and successful neobank in 2024.</a>
<h2 dir="ltr">Most Common Digital Banking Challenges</h2>
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948333689.png" />
<h3 dir="ltr" style="text-align: justify;">1. Legacy Systems Compatibility</h3>
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.
<h3 dir="ltr" style="text-align: justify;">2. Data Synchronization and Real-Time Processing</h3>
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.
<h3 dir="ltr" style="text-align: justify;">3. Regulatory Compliance</h3>
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.
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.
<h3 dir="ltr" style="text-align: justify;">4. Security Protocols</h3>
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.
<h3 dir="ltr" style="text-align: justify;">5. User Experience Consistency</h3>
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.
<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%" />Learn more about neobanking trends in 2024.</a>
<h2 dir="ltr">Competition in the Digital Banking Space</h2>
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;
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;
<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%" />Learn more about Agilie&rsquo;s cases and introduce our diverse innovative solutions.&nbsp;</a>
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;
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948458579.png" />
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.
<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%" />Discover our fintech software development services to create a skyrocketing neobank.&nbsp;</a>
<h2 dir="ltr">Conclusion</h2>
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.
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.
<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%" />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.</a>

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

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

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.
<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">
To successfully launch and operate a neobank, it's crucial to hire a skilled development team that understands fintech and digital banking.&nbsp;
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
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.
</li>
<li dir="ltr" aria-level="1">
Prioritizing strong client relationships is a factor that helps to make informed decisions based on cultural fit.
</li>
</ul>
</div>
<h2 dir="ltr" style="text-align: justify;">Identifying Your Needs</h2>
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.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475062456.png" />
Key Roles in a Neobank Development Team&nbsp;
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Project Manager (PM):&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;
</li>
<li dir="ltr" aria-level="1">
Business Analyst (BA):&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;
</li>
<li dir="ltr" aria-level="1">
UI/UX Designer:&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.
</li>
<li dir="ltr" aria-level="1">
Software Developers:&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;
</li>
<li dir="ltr" aria-level="1">
Quality Assurance (QA) Engineers:&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;
</li>
<li dir="ltr" aria-level="1">
DevOps Engineer:&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.
</li>
</ul>
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;
<h2 dir="ltr" style="text-align: justify;">Finding Candidates</h2>
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.
<h3 dir="ltr" style="text-align: justify;">Utilizing Professional and Job-Specific Platforms</h3>
LinkedIn:&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.
GitHub:&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.
Industry-specific sites:&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.
Clutch&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;
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;
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714475178760.png" />
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1714476206917.png" />
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.
Additionally, we would like to emphasize client relationships, and we will discuss this in the next chapter.
<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%" />Learn more about us by visiting our website.</a>
<h2 dir="ltr" style="text-align: justify;">Client Relationships&nbsp;</h2>
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.
A development team that prioritizes client relationships is essential for several reasons.
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Communication:&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.
</li>
<li dir="ltr" aria-level="1">
Flexibility:&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.
</li>
<li dir="ltr" aria-level="1">
Support:&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.
</li>
</ul>
<h3 dir="ltr" style="text-align: justify;">Agilie&rsquo;s Approach to Client Relations</h3>
At Agilie, we consider our customer relations equally valuable as our technological competencies. We are delighted to describe our approach to client communications.&nbsp;
Personalized Service:&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;
Proactive Engagement:&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;
Transparent Processes:&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;
Long-term Partnership Focus:&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.
According to our clients, they value Agilie's ability to listen, adapt, meet deadlines, and consistently deliver high-quality results.
&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%" />Learn more about our case studies and how we have created marvelous projects.</a>
<h2 dir="ltr">Making the Decision</h2>
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.
1. Assessing Technical Expertise:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Review Portfolios and Case Studies
</li>
<li dir="ltr" aria-level="1">
Check References and Testimonials
</li>
<li dir="ltr" aria-level="1">
Evaluate Technical Presentations or Pitches
</li>
<li dir="ltr" aria-level="1">
Consider requesting a technical assessment
</li>
</ul>
2. Considering Cultural Fit
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Communication Style
</li>
<li dir="ltr" aria-level="1">
Project Management Approach
</li>
<li dir="ltr" aria-level="1">
Values and Vision
</li>
</ul>
3. Balancing Cost and Value
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Cost Efficiency vs. Investment Return (A higher upfront cost might be justified by superior quality and longer-term savings in maintenance and scalability)
</li>
</ul>
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.
<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%" />Find out our neobanking development process and its price in our article.</a>
<h2 dir="ltr">Conclusion</h2>
Hiring a neobank development team is a complicated step, and its thoroughness is critical. The main part of this process includes:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
identifying your needs,&nbsp;
</li>
<li dir="ltr" aria-level="1">
finding candidates,&nbsp;
</li>
<li dir="ltr" aria-level="1">
building relationships,&nbsp;
</li>
<li dir="ltr" aria-level="1">
making the ultimate choice.&nbsp;
</li>
</ul>
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.
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;
<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%" />Contact Agilie to realize your vision with the utmost dedication, expertise, and success.</a>

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.

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

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

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

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Explore the future of blockchain technology in various industries, its transformative impacts, challenges, and potential in this article.&nbsp;

Explore the future of blockchain technology in various industries, its transformative impacts, challenges, and potential in this article. 

The Future of Blockchain: Trends and Predictions

Explore key blockchain technology trends and stay ahead in its innovation with insights and practical examples.

Explore key blockchain technology trends and stay ahead in its innovation with insights and practical examples.