A Brief Guide to Fintech White Label Software

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At first, we need to clarify the concept of white labeling. And since it is widely employed in various industries, as a software vendor, we will focus on its peculiarities in the software development field.

What Is White Labeling?

When shopping in a local supermarket, you've probably come across different products that carry the logo of this very supermarket. But once you scrutinize the label, you are likely to see that the product is made by some other company. So, it means the supermarket buys certain unlabeled products and brands them as their own to later resell to customers. And that's the most vivid example of white labeling, but not the only one, since today, this approach has spread far beyond the retail industry.

But how does white labeling manifest itself in software development? Simply put, it's a SaaS solution that consists in employing ready-made software for your digital product. The software is used on a subscription basis, but you can resell the whole product under your company's logo. What’s more, for end users, it will look like 100% your solution, and they’re unlikely to guess about its white label components and the original software developer.

Have a look at the following example. Let's say you want to create a health app with some unique features. So, instead of building it from scratch, you can find a reliable white label provider ready to deliver some platform (with source code, architecture, UI/UX design, and cybersecurity measures) to become the basis for your future app. Now, all that is left to do is to integrate your features into this platform and launch the customized app (and not forget to regularly pay the lease/license fee).

Benefits & Pitfalls

A white label partnership provides certain advantages for any company (especially for small business owners) that chooses this option. So, let us quickly analyze them.

• By delegating product development, analysis, and design to an experienced, well-knit team, you can lower development costs (it is extremely important for start-ups, since they are normally pressed for budget).
• If you pick a reliable white label partner, it’s more likely that you’ll get proven software (less error-prone) that needs only minimum testing.
• Since all you need to do is to customize the already tested off-the-shelf solution, it becomes possible to accelerate the product launch.
• Product maintenance brings lots of challenges, so with a dedicated team monitoring its white label platform, you'll be able to mitigate certain risks.
• The end user is unlikely to distinguish a product with white label components from an entirely custom solution, which creates the effect of a complete brand identity.

At the same time, before switching to this option, pay attention to the challenges it may bring to your business.

• White labelling is mostly a SaaS solution, that's why all information is stored in the cloud, which makes data leakage possible (though highly unlikely).
• Platform flexibility predetermines the number of features you may integrate into it, so customization may be limited.
• Since app stores carefully check all apps for spam and clone versions, sometimes, white labelling can lead to delayed releases.
• If your business expands, the development team may face some scalability issues that will require extra time and costs.

White Label Solutions in Banking

Now, when you know all the basics of white labelling, it's high time to clear up how the financial services industry benefits from this innovative approach.

Let's have a closer look at the banking sector. It's no surprise that advanced fintech companies already enjoy white label products. By the way, by 2030, the UK fintech industry is expected to double, so it's very likely that white label partnerships will also increase. Also, thanks to their numerous advantages, white label products are becoming more popular with traditional banks & payment service providers striving to overcome the digital transformation challenges and the fintech startups seeking cost-effective solutions.

So, below, you'll find white label fintech solutions commonly applied in the banking industry.

Client Onboarding

In online banking, the onboarding process is one of the most essential ones. When signing up for a banking app, a customer provides a lot of valuable information that can be later analyzed and employed for selling financial products and services. So, many financial institutions choose white labelling to build client onboarding solutions.

Account Management

A bank database abounds in sensitive information regarding clients' savings/salary/deposit accounts. To keep it safe, it is crucial to optimize data storage and provide reliable security measures. At this point, a bank account management system is a perfect solution that can be created via the white label partnership.

Online Payment Services

Being able to implement seamless transactions is what can make your fintech company stand out among the competitors. So, by selecting a white-label fintech platform for online payment services, you can easily achieve this goal and gain a good reputation.

Loans & Mortgages

In case you want to build a user-friendly personal financial management solution that can help your clients access loans and mortgages, white label software is the ultimate option. By relieving the burden of tech stack building and focusing on the valuable features instead, financial providers increase their chances of creating an easy-to-use fintech product.

Card Issuance

Today, virtual cards win wide popularity among proactive customers. So, to gain the upper hand in the highly competitive fintech industry, financial institutions should be able to issue such cards. And white label banking integration can allow you to extend your financial services.

Key Ingredients of an Upscale White Label Solution

Building a quality digital product is not an easy task, since you have to think through numerous processes and anticipate possible challenges. So, what does it take to create a top-notch white label banking solution? Below, we've shortlisted its must-have components.

• Reliable cybersecurity system
• Ongoing maintenance & support
• Customized features
• User-friendly API
• Seamless integration plan
• Precise targeting strategy

White Label Providers for Your Fintech Project

Once you decide to enhance your online banking with a fintech software solution, it's crucial to find a dream white label provider for your project. To simplify this process, we've already created the rundown of the best software vendors. So, take a look!

Qulix Systems

For over a decade, Qulix Systems has been implementing complex projects for financial industry players: banks, investment companies, and fintech services providers. Also, our company can boast an immense number of impeccable white label solutions that take into account domain standards, reliability, and security.

ETNA

This software development vendor specializes in digital products that target brokerage firms and portfolio management companies. By creating white label fintech infrastructure, ETNA enhances trading apps, data management systems, and cybersecurity solutions.

Bankable

Bankable is an expert in all kinds of payment solutions like e-wallets, money transferring, and card programs. The company helps banks and corporations upgrade their services and enhance customer retention strategies by offering them advanced white label fintech products.

Farewell Takeaways

White labelling is not the only strategy you can choose for your fintech project. There also exist other partnership arrangements like affiliate relationships, co-branding, and outsourcing. So, to create a quality digital product, you should analyze the pros and cons of each strategy and choose the one that will tick every box of your plan.

Please, contact our specialists to get a detailed description of the white label solution that can enhance your financial services. Qulix Systems is a reliable software provider ready to offer you advanced fintech products.