Traditional Banks vs Challenger Banks vs Neobanks

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Neobanks: Pros & Cons

Pros 1. User-friendly 2. Low fees 3. Convenient 4. Faster transactions

Cons 1. Limited services 2. Security concerns 3. Lack of physical branches 4. Reliance on technology

Traditional Banks: Pros & Cons

Pros 1. Wide range of services 2. Physical presence 3. Security 4. Established reputation

Cons 1. High fees 2. Time-consuming processes  3. Limited technology 4. Limited customer service

Challenger Banks: Pros & Cons

Pros 1. Low fees 2. User-friendly apps 3. Innovative features 4. Competitive interest rates

Cons 1. Relatively new and untested 2. Potential security risks  3. Regulatory concerns 4. Limited physical presence

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