In a <a href="https://agilie.com/expertise/technology/mobile-development">mobile app development</a> industry, design quite often becomes a vague, inexact term. When someone says they want to hire a designer, you never sure if they mean a person who deals with product interfaces, or a professional who outlines the way how a user should act within an app, or they seek a designer just to draw some icons or make up animations.
In fact, <a href="https://agilie.com/expertise/technology/ui-ux-design">product design</a> has a more complex part in app development.
<h2 style="text-align: justify;">Design is the foundation of your product and the key to achieving your business goals</h2>
The ultimate success for any product - mobile and web apps included - &nbsp;is to achieve the established business goals, which is impossible without a user&rsquo;s engagement with the product. In this situation, the key to achieving user engagement and, ultimately, your business goals is product design.
Product design is a system that connects user interface, user experience, graphics, and motion. Combining all these elements, a product designer creates&nbsp;visual language, a universal communication medium that will - if used right - drive your product&rsquo;s both production and marketing success.
<img style="width: 800px; height: 479px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/173/content_visual_language.png" alt="design visual language" />
The best product design lies within finding the balance between marketing needs and user desires, and, thus, outlines the shortest path to solving user&rsquo;s problem. To achieve this, a product designer must make sure that an app:
<ul>
<li style="text-align: justify;">is easy to comprehend and use</li>
<li style="text-align: justify;">solves your business objectives and answers target user&rsquo;s needs</li>
<li style="text-align: justify;">has a unique visual appearance.</li>
</ul>
Finding this balance and, finally, delivering such a product is a laborious work for the whole development team, that is based on making numerous tough decisions on both small and big ideas.
We at Agilie believe that a truly successful app is the one created with designers&rsquo; participation at all stages - from outlining the initial concept and business plan to marketing and support.
<h2 style="text-align: justify;">How exactly design contributes to your app&rsquo;s ultimate success</h2>
<h3 style="text-align: justify;">1. Design establishes communication and helps define app&rsquo;s competitive advantages</h3>
From the earliest stages of app development - requirements gathering and project planning, - the client and the design team tightly collaborate in order to crystallize the vision of the final product and find the shortest and the most resource-effective path to implement that vision.
Designers carry out the market analysis and gather data on the target audience and competing products. This information helps the team:
1) ensure user engagement
2) make a product unique and create a new niche on the market.
&ldquo;Design is a collaborative effort between designers, manufacturers, distributors, and consumers&rdquo; - <a href="https://www.wired.com/2015/01/what-matters-to-the-worlds-most-important-designers/">says</a> Kim Colin, Industrial Facility co-founder, and we at Agilie are totally up to this idea.&nbsp;
<h3 style="text-align: justify;">2. The design makes an app simple and accessible</h3>
Very often, speaking about the importance of simplicity in product design, people point at Apple products as examples. At the first glance, it seems that Apple&rsquo;s solutions have no complexity behind them, but,&nbsp;in fact, they are results of tough and sophisticated decisions.
<img style="width: 800px; height: 479px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/177/content_jony_ive.png" alt="product design simplicity" />
In product design, simplicity isn&rsquo;t just visual minimalism. Simplicity is ensuring that a user understands easily how the app works and gets engaged with it fast. And it&rsquo;s a designer&rsquo;s work to find a key to a product&rsquo;s simplicity by cutting off everything that clutters the user experience.&nbsp;
<h3 style="text-align: justify;">3. Design helps avoid failures</h3>
The design&nbsp;is also an effective risk-control solution. Designers are experts in user behavior within apps and know how a user experience should be built. They also understand the market&rsquo;s competitive environment&nbsp;and can distinguish potentially winning and losing decisions in advance.
Building a user-product interaction step by step and carefully analyzing user feedbacks, designers can adjust the product&nbsp;changing its features according to users' needs and, thus, increasing its desirability.
<h3 style="text-align: justify;">4. Design engages and retains users</h3>
A recent <a href="https://uplandsoftware.com/localytics/resources/blog/mobile-apps-whats-a-good-retention-rate/">report by Localytics shows</a> that due to so-called &ldquo;engagement crisis&rdquo;, 75% of app users across all industries churn within 90 days. The only way to retain users in this situation is enhancing the user engagement with an app. Here are some tools used by designers to engage users.
Onboarding. The first impression is the strongest one. Onboarding screens are designed to explain to users how the app works, motivate them to get started, and show them they are being appreciated.
<img style="width: 800px; height: 600px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/702/content_content_wirex_onboarding.gif" alt="mobile onboarding design" width="800" height="600" />
An onboarding animation for financial app <a href="your-own-cryptocurrency-from-scratch-everything-you-need-to-know-to-create-your-cryptocurrency">Wirex</a>,&nbsp;by <a href="https://dribbble.com/linalysenko">Lina Lysenko</a>, a UI/UX designer and animator at Agilie
Offering a new activity. These activities depend on the type of your app, but you can see the basic examples in almost every app on the market. It can be an offer to interact with related content or to write something in clear fields or to complete another.
Gamification elements. Activities that lead to earning the rewards address to peoples&rsquo; natural competitive spirit and inspire users to come back quite efficiently. A product designer&rsquo;s objective here is to find a way to wake this competitive spirit in their users.
Notifications. While some suggest that notifications will replace user interfaces in the nearest future, even now they are your most trustworthy ally in the user engagement process. Notifications are direct calls to action that exist both inside and outside the app. Designers&rsquo; duty here is to organize notifications to be precise, relevant and perfectly timed.
<h3 style="text-align: justify;">5. Design shapes your product&rsquo;s identity</h3>
When creating an app&rsquo;s unique look, designers are focused on empathy - one of the main triggers of user engagement. They can make your app stand out with only a&nbsp;few subtle details: well-chosen colors and interactions, and catchy icons that will distinct your app from others. Just look at Facebook&rsquo;s &ldquo;likes&rdquo; and Tinder&rsquo;s &ldquo;swipe left&rdquo;: they have already become brands themselves.
Even such a small detail as a mascot can become a face of your app and a brand trigger. For example, think about Snapchat&rsquo;s Ghostface Chillah, Twitter&rsquo;s Larry the Bird, Android&rsquo;s Bugdroid (yep, these are their actual names), and you&rsquo;ll realize you can&rsquo;t imagine these brands without them.
<img src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/674/content_content_gif_2.gif" alt="design saves your resources" width="800" height="600" />
<a href="https://dribbble.com/shots/2259554-Events-App-Create-meeting">Event app concept</a> by the&nbsp;Agilie Design team
<h3 style="text-align: justify;">6. The design saves your resources</h3>
At last, a thoughtful product design will save you time and money during the app development.&nbsp;
The more effort is put into pre-production activities such like market and user research, building up a <a href="https://en.wikipedia.org/wiki/Persona_(user_experience)">target user persona</a> and user stories, creating prototypes and gathering feedbacks, the less time your app will need for development, quality assurance, and support activities.&nbsp;
Our lives are shaped by design, though it&rsquo;s not always obvious. The general function of design and the purpose of any app is the same: to simplify peoples&rsquo; life. Thus, all ideas and technologies that you want to stack your app up with must be delivered to users properly - in a usable and intuitive form. And design is a key to finding that form.
by&nbsp;Alexander Demidov, art director at Agilie and Rustam Tagiev, writer

In this article, we will make it clear: what is product design exactly, and why it plays a major role in your app's success.

In today's tech industry, product design has become a victim of misconceptions and wrong interpritations. Many often boil this concept down to interfaces and icons, not realising its complexity and importance for product development. In this article, we will make it clear: what is product design exactly, and why it plays a major role in your app's success.

The Importance of Product Design for Mobile and Web Apps

When it comes to <a href="https://agilie.com/expertise/technology/ui-ux-design" target="_blank" rel="noopener">creating animated prototypes for websites</a> and <a href="https://agilie.com/expertise/technology/mobile-development" target="_blank" rel="noopener">mobile apps</a>, our design team normally prefers using tools like <a href="https://www.invisionapp.com/" target="_blank" rel="nofollow noopener">InVision</a> and <a href="https://www.adobe.com/products/aftereffects.html?promoid=KLXLW" target="_blank" rel="nofollow noopener">Adobe After Effects</a>. Nevertheless, we&rsquo;re always open to experimenting and often try alternative UI prototyping tools, especially when we have to deal with unusual tasks.
This time, we decided to explore <a href="https://helpx.adobe.com/muse/kb/adobe-muse-end-of-service.html" target="_blank" rel="noopener">Muse</a>, a website building tool from Adobe. Let&rsquo;s see how it worked out.
<h2 style="text-align: justify;">The case</h2>
The team needed to present a fully functional landing page for an elite eyewear company&rsquo;s website. The page is a long read featuring several scroll transitions (including parallax scrolling effects), a product catalog, and headlines and photos appearing with &ldquo;fade in&rdquo; and &ldquo;fade in up&rdquo; effects.
<h2 style="text-align: justify;">Why Muse?</h2>
Adobe After Effects was simply not the right tool for the task. Although animating such a page with After Effects would take comparatively little time, we still wouldn&rsquo;t have got a fully functional website prototype with working transitions and scroll effects.
InVision, in its turn, doesn&rsquo;t support parallax scrolling effects, and our prototype had to rely on these effects heavily.
So, we needed a tool designed specially for creating responsive websites and able to preview prototypes right in the browser.
&ldquo;Create gorgeous HTML5 websites without writing code,&rdquo; the headline on the Adobe Muse&rsquo;s homepage was saying. It seemed to be exactly what we were seeking for.
Muse allows creating text headlines, paragraphs, buttons, input forms, blocks of media content and more right on the fly. Actually, you can build a whole website from scratch using Adobe Muse, but it can deal with a landing page prototype no worse.
<h2 style="text-align: justify;">Adding content and working with parallax effects</h2>
The landing page mockup was created in <a href="https://www.sketchapp.com" target="_blank" rel="nofollow noopener">Sketch</a>. Then, the content was exported as .svg and .png files which are fully compatible with Muse.
Next, we had to add scroll transition effects to the page. In Muse, working with scroll transitions is operated via the &ldquo;Scroll Effects&rdquo; toolbar that contains motion, opacity, slideshow and animation settings.&nbsp;
<img style="width: 260px; height: 336px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/157/content_muse_scroll_effects.jpg" alt="" />
Setting motion speed in the Scroll Effects toolbar in Muse
Here, to create parallax scrolling effects in Adobe Muse, as well as &ldquo;fade in&rdquo; and &ldquo;fade in up&rdquo; effects for appearing elements, we needed only to play with motion and opacity settings: the former allows to set the initial and the final values of the scrolling and fade effects&rsquo; speed, and the latter does the same for the animated elements&rsquo; opacity.
It&rsquo;s pretty simple, but it may take some time to experiment with different values&rsquo; combinations before you get a smooth result.
<h2 style="text-align: justify;">Adding CSS animation effects&nbsp;to the prototype</h2>
The &ldquo;Scroll Effects&rdquo; tools in Adobe Muse allow to create smooth and beautiful parallax scrolling effects, but we also needed to include several animated headlines to our prototype which wouldn&rsquo;t depend on the scrolling speed.
To do this, we linked jquery and animate.css libraries to the prototype using the <a href="https://wow.js.org/" target="_blank" rel="nofollow noopener">WOW.js plugin</a>. Here&rsquo;s a video that explains how to do it in detail:
<iframe src="https://www.youtube.com/embed/Vnk_YQv3IPk" width="100%" height="350" frameborder="0" scrolling="no" align="middle"></iframe> &nbsp;
<img style="width: 468px; height: 500px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/162/content_muse_html.jpg" alt="" />
Muse allows to assign classes to the created elements and to insert an HTML code right into a page and into the &lt;head&gt; container.
<h2 style="text-align: justify;">A few more valuable features</h2>
Adobe Muse also allows to adding anchor tags that allow a user to jump to a specific location on your page. Anchor tags are often used to create a navigation bar for landing pages.
&ldquo;Scroll Effects&rdquo; toolbar is active only when you have a fixed page width. Thus, if you want to make your prototype adaptive and to apply scroll effects to all the elements, you&rsquo;ll need to set and adjust breakpoints. Breakpoints mark the segments of the screen that can change their proportions or disappear completely depending on the screen or the browser&rsquo;s window sizes.
<h2 style="text-align: justify;">Exporting the prototype as a .html/.css file</h2>
As soon as the prototype was ready, it was time to hand it over to our <a href="https://agilie.com/expertise/technology/web-development" target="_blank" rel="noopener">web development</a> team, so they could prepare it for the presentation in the actual web environment.
Adobe Muse can export a prototype as a .html or a .css file, which means that our web developers got a full-fledged website organized as a set of containers. Thus, the developers had only to edit the existing and add new elements.
<img style="width: 493px; height: 500px;" src="https://d12zh9bqbty5wp.cloudfront.net/ckeditor_assets/pictures/163/content_muse_export.jpg" alt="muse file export" />
<h2 style="text-align: justify;">Final thoughts</h2>
Of course, working on this landing page, we weren&rsquo;t able to explore the full potential of Adobe Muse, so, for now, there will be no ultimate conclusion. We continue testing Muse and have already rated it as an alternative to the usual tools we use for creating prototypes for desktop apps and websites.
The tool is not flawless, though. It really lacks libraries for layers&rsquo; animation, the possibility to work with masks, and the &ldquo;Scroll Effect&rdquo; toolbar is not as intuitive as it can be.
Yet, I&rsquo;d recommend trying Adobe Muse if you want to build a prototype functionally close to an actual website and have no experience of using other similar tools - Muse is quite friendly for the newcomers, yet quite functional to appeal an experienced designer.
Links:
<a href="https://helpx.adobe.com/support/programs/support-options-free-discontinued-apps-services.html" target="_blank" rel="noopener">Responsive&nbsp;web design with Adobe Muse</a>
<a href="https://dribbble.com/agilie" target="_blank" rel="nofollow noopener">Our Dribbble page</a>
<a href="https://www.behance.net/agilie" target="_blank" rel="nofollow noopener">Our Behance page</a>

Our design team's first look at how to make a working website prototype with Adobe Muse.

Building a working website prototype with Adobe Muse

How to Build a Website Prototype With Adobe Muse

Establishing a neobank is a novelty and a customer-focused approach in the digital banking industry. This is a world full of possibilities, where paying attention to details and constantly adapting is crucial. However, it has its challenges and complexities.
Consider a neobank launch guided by competence, inventiveness, and a dedication to safety. Agilie&rsquo;s team understands security as a core component of the enduring principles for the reliability and integrity of our client&rsquo;s platform. Plunge into Agilie&rsquo;s development process to build a secure, transparent, and trustworthy neobank.
<div id="form-description" class="form-description" style="text-align: justify;" data-title="Key Takeaways">
<div class="form-description-title">Key Takeaways</div>
<div>
<ul>
<li dir="ltr" aria-level="1">
The neobanking development process includes a detailed discovery phase, the development phase from the stage of an MVP to a full-fledged platform, rigorous testing and deployment process for a seamless launch of the product.
</li>
<li dir="ltr" style="text-align: left;" aria-level="1">
Understanding the full development process allows clients to make informed choices and realize the complexities involved, spotting opportunities for growth and contributing to a successful market launch and operation.
</li>
<li dir="ltr" aria-level="1">
Agilie&rsquo;s priority areas are scalability, innovation, security, and user-centric approach.
</li>
</ul>
</div>
</div>
<img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713273688068.png" />
Resource:&nbsp;<a href="https://www.statista.com/outlook/dmo/fintech/neobanking/worldwide" target="_blank" rel="noopener">https://www.statista.com/outlook/dmo/fintech/neobanking/worldwide</a>
Agilie&rsquo;s neobanking development process ensures a comprehensive, secure, and efficient rollout of digital banking solutions. Our methodical approach helps in launching a neobank that meets current market demands and adapts to future changes and innovations in the financial sector. Let's discover Agilie&rsquo;s neobank development process.&nbsp;
<h2 dir="ltr" style="text-align: justify;">Step 1: Discovery Phase</h2>
<h3 dir="ltr" style="text-align: justify;">Idea Validation</h3>
All great neobanks are the products of unique and far-fetched ideas. Knowing the validation at the very beginning is quite important. Our team conducts the necessary analysis, which ensures that the idea of the neobank revolves around the gap in the financial market and the competition stays within the new entity. Through focus groups, market research, competitor analysis, and industry insights, we carefully assess the core values of the idea, uncover any existing challenges, and determine what differentiates the product from other similar products. The first validation stage of development determines the scope of work and all processes needed.&nbsp;
<h3 dir="ltr" style="text-align: justify;">Requirements Gathering</h3>
This step is crucial for understanding the specific needs of the target users and the regulatory landscape the future neobank will navigate. Our team draws from a wealth of experience in FinTech and collaborates closely with stakeholders to identify both functional and non-functional requirements. This cooperation ensures that the final product is user-centric and compliant with global and local financial regulations, embodying a balance between innovation and adherence to standards.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713266850571.png" />
<h3 dir="ltr" style="text-align: justify;">Wireframe Design</h3>
Once our experts have a vivid picture of the project, they draw a wireframe to show the user flow and app layout. The wireframing at Agilie is beyond the drawing of the screens; it is about preparing an intuitive space for the users' journey. The blueprints for the neobank carefully place everything to ensure better user interaction and satisfaction. The visual prototype lets us iterate and improve the concept without writing any code. This method is time-saving and cost-effective in terms of the development process.
<h3 dir="ltr" style="text-align: justify;">Architecture Concept Building</h3>
The architecture building phase is a crucial element of developing a neobank when Agilie&rsquo;s developers craft an architecture that facilitates scalability and reliable and secure services. This includes:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
cloud environment,&nbsp;
</li>
<li dir="ltr" aria-level="1">
API-first designs,&nbsp;
</li>
<li dir="ltr" aria-level="1">
data security and compliance layer,&nbsp;
</li>
<li dir="ltr" aria-level="1">
data management, and analysis,&nbsp;
</li>
<li dir="ltr" aria-level="1">
scalability, and fault tolerance.
</li>
</ul>
<h3 dir="ltr">Estimation</h3>
Our estimation process is thorough and transparent, considering all variables to provide a realistic projection of the neobank development process. This step sets the stage for a smooth execution, aligning expectations and resources for the development ahead.
During the discovery phase, we validate ideas, gather requirements, design wireframes, build scalable architecture, and provide accurate estimations to ensure the project sets up for success and marks the beginning of a transformative journey in the digital banking sector.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713266939666.png" />
<h2 dir="ltr" style="text-align: justify;">Step 2: Development Phase</h2>
<h3 dir="ltr" style="text-align: justify;">MVP Building or Proof of Concept (PoC)</h3>
The transition from conceptualization to tangible realization begins with the MVP (Minimum Viable Product) or PoC (Proof of Concept) phase. This step is optional but very important as it brings the neobank idea to life in a scaled-down form initially. The purpose of developing an MVP or PoC is multifold:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
to validate the core banking functionalities,
</li>
<li dir="ltr" aria-level="1">
to gauge user engagement and feedback,
</li>
<li dir="ltr" aria-level="1">
to test the value proposition.
</li>
</ul>
This phase allows us to implement and test key functionalities, such as user registration, account management, basic transaction processing, and compliance checks, ensuring these components operate seamlessly and securely.
Agilie is your reliable development partner, who sets the foundation for a scalable, robust neobank platform tailored to meet and exceed the expectations of today&rsquo;s digital-first customers.
<img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713266961603.png" />
<h3 dir="ltr" style="text-align: justify;">Full-featured Platform</h3>
Our development process for building a full-featured platform is comprehensive, encompassing the integration of sophisticated financial tools and services such as
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
multi-currency accounts,
</li>
<li dir="ltr" aria-level="1">
real-time transaction processing,
</li>
<li dir="ltr" aria-level="1">
personalized financial insights,
</li>
<li dir="ltr" aria-level="1">
advanced security measures,
</li>
<li dir="ltr" aria-level="1">
regulatory compliance management.
</li>
</ul>
We emphasize the need for an intuitive user interface (UI) and smooth user experience (UX) to make the platform robust, accessible, and interesting for the users.
Our dev team employs the latest FinTech innovations, such as:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Implementing blockchain to achieve better security and a more transparent process.
</li>
<li dir="ltr" aria-level="1">
AI in the framework of personalized banking services.
</li>
</ul>
We adopt agile development methodology because we can iterate and deploy new features rapidly responding to market changes and customer needs.
<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/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713267007315.png" width="100%" height="100%" />Find out more about our FinTech software development services.</a>
<h2 dir="ltr">Step 3: Delivery Phase</h2>
<h3 dir="ltr" style="text-align: justify;">Testing</h3>
The Delivery Phase includes the thorough testing process to ensure reliability, security, and performance with Agilie's rigorous approach, which prepares the platform for secure market entry.
Our testing strategy incorporates:
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Functional Testing: It ensures that every feature runs according to the specs and the unit requirements at the exploration stage, which guarantees a smooth flow of every banking operation.
</li>
<li dir="ltr" aria-level="1">
Security Testing: This involves vulnerability scan, penetration testing, and compliance checks, which meet global standards like PCI DSS, GDPR, and local standards, making the customers' data protected and platform secured.
</li>
<li dir="ltr" aria-level="1">
Performance Testing: We test its performance in peak loads and maintain its reliability under various conditions.
</li>
<li dir="ltr" aria-level="1">
Usability Testing: This enables us to practice UI/UX to produce an interface that is simple, exciting, and adaptable to varying devices and platforms.
</li>
<li dir="ltr" aria-level="1">
Compatibility Testing: The platform of the neobank is subjected to interoperability tests to guarantee the smooth functioning of the platform on different browsers, operating systems, and devices to ensure a consistent experience for the customer.
</li>
</ul>
<h3 dir="ltr" style="text-align: justify;"><img src="https://d3pxw3l8cozu05.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713267036870.png" />Deploying</h3>
We carry out the launch of the neobank platform with care and planning to make a seamless transition to live operations. Our deployment strategy encompasses: 
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Staged Rollouts: We analyze risks by publishing a controlled group of people at first and after successful trials, it launches and monitors performance in the real world to make any adjustments.
</li>
<li dir="ltr" aria-level="1">
Monitoring and Support: We are responsible for our services, and we care about our clients. Here we act as ongoing monitors and supporters beyond the launch, providing the best platform operational practices and resolving issues promptly, having a round-the-clock support team for high availability and reliability.
</li>
<li dir="ltr" aria-level="1">
Feedback Loop Integration: This helps in identifying areas of improvement to ensure the platform grows accordingly to meet user expectations and meet competitive market demands.
</li>
</ul>
Agilie&rsquo;s Delivery Phase provides correct preparation for a neobank to succeed and compete with digital banks in the market by ensuring stable operations, security of the system, and user-oriented performance.
<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/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713267081371.png" width="100%" height="100%" />Discover our cases, Agilie's approach, challenges, and solutions of success stories.</a>
<h2 style="text-align: justify;">Cost Considerations</h2>
Building a neobank&rsquo;s precise cost depends on the size of the project, the features added, the sector it serves, and the regulatory framework in which the bank starts operations. Here are some general cost ranges for different components of the development process:
1. Technology Infrastructure Development and App Development
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Basic Version: The costs of a simple neobank app with basic features may be in the range of $100,000&ndash;$500,000.
</li>
<li dir="ltr" aria-level="1">
Advanced Version: A more sophisticated app with a broad range of features, such as integrations with various payment systems and significant security measures, can take between $500,000 and $2M or even higher.
</li>
</ul>
2. Licensing and Compliance
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Minor Markets: Licensing and compliance costs in smaller or less regulated markets range between $50,000 and $200,000.
</li>
<li dir="ltr" aria-level="1">
Major Markets: In a highly regulated market like the U.S. or the EU, such costs can soar above several millions because of the complexity of the regulatory framework.
</li>
</ul>
3. Security Measures
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
Set up of security and ongoing monitoring and evaluation will consume $100,000 to $500,000 for the initial cost, while the disbursement would depend on the level of security and monitoring desired.
</li>
</ul>
4. Marketing and Customer Acquisition
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
The first round of marketing campaigns can cost about $200,000 to over $1M, depending on the range and types of channels utilized. This is the core to gain visibility and catch users.
</li>
</ul>
5. Operational and Administrative Costs
<ul style="text-align: justify;">
<li dir="ltr" aria-level="1">
These amount from $100,000 yearly for minor operations but can reach $1M for bigger teams and offices, especially as the neobank grows in size.
</li>
</ul>
6. Customer Support Infrastructure
<ul>
<li dir="ltr" aria-level="1">
Establishing customer support can range from $50,000 to $300,000, depending on the complexity of the system and the expected number of customer interactions.&nbsp;
</li>
</ul>
<h2><a class="incut--wrap" href="https://agilie.com/company" target="_blank" rel="noopener" aria-label="incut"> <img src="https://d12zh9bqbty5wp.cloudfront.net/images/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713857866401.png" width="100%" height="100%" /> Meet our team of experts who will help you implement your projects with the most advanced approaches. </a> Summary&nbsp;</h2>

Agilie offers a holistic and transparent neobank development process, which considers innovations, security, and user experience. The process comprises the first Discovery Phase, then the Development Phase, and eventually the Delivery Phase. Our FinTech development skills and adherence to security, scalability, and user satisfaction make us a reliable FinTech partner for neobanks. Our approach is to create a product through the partnership that stands for innovation, growth, and success. With Agilie, clients can develop a reliable, scalable, and winning neobank that matches the market requirements and sets new standards for banking in the digital space.
<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/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713267113886.png" width="100%" height="100%" />Contact us to make your neobank&rsquo;s idea a reality.</a>

Explore the comprehensive guide to neobank development, and uncover expert insights and strategic solutions for launching a successful digital bank with Agilie.

Explore the comprehensive guide to neobank development, and uncover expert insights and strategic solutions for launching a successful digital bank with Agilie.

Steps in Our Neobank Development Process 

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.
<h2 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/f9e66e179b6747ae54108f82f8ade8b3c25d76fd30afde6c395822c530196169-1713948284316.png" width="100%" height="100%" />Find out how to develop a secure and successful neobank in 2024.</a></h2>
<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;
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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.
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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;
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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;
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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.
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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.
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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>
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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;">
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Review Portfolios and Case Studies
</li>
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Check References and Testimonials
</li>
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Evaluate Technical Presentations or Pitches
</li>
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Consider requesting a technical assessment
</li>
</ul>
2. Considering Cultural Fit
<ul style="text-align: justify;">
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Communication Style
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Project Management Approach
</li>
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Values and Vision
</li>
</ul>
3. Balancing Cost and Value
<ul style="text-align: justify;">
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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;">
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identifying your needs,&nbsp;
</li>
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finding candidates,&nbsp;
</li>
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building relationships,&nbsp;
</li>
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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

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