Developing fintech and banking software solutions is a complex process that involves not only creating an easy and intuitive user experience, but technology for financial institutions also requires meeting strict financial data privacy regulations.
For business owners new to the industry, the entire process can be especially challenging, not to mention expensive, due to the high cost of developing applications from scratch.
It’s not impossible to develop an application from scratch if you have a large budget, but it’s not always necessary.
If you’ve been wanting to develop software for the fintech or banking industry, white label software is a workable white label solution that will reduce both the cost and the risk associated with developing your software applications. White label software solutions are pre-existing unbranded applications that you buy from the developer, customize with your brand, and then resell as if you created the application.
Companies in the fintech and digital banking industry get several key benefits from using white label software:
- It saves money on the cost of custom software development
- It saves time and allows you to get into the market rapidly
- It makes customizations faster and easier
- It makes it easier to stay up with regulatory compliance, data privacy laws and other regulations for financial products
If you want to start a business selling software solutions to companies that provide financial services online, consider white label software development services for a faster and easier experience.
Fintech white label software in use today
Today, there are more white label fintech solutions than ever before, and new white label solutions with innovative features are being launched regularly. For example, Chime, Monzo, N26, and Revolut all use well-known white label fintech software and are quite successful. The variety of fintech companies in existence was made possible by white label software, which makes application development available to just about any business. You might be surprised to learn that even traditional financial institutions use white label applications, like banks and credit unions. It just makes sense financially and is a good business decision.
Many years ago, every company was on their own to get their web and mobile applications developed independently. There was no way to buy a ready-made software application to customize like there is today. Unless you have extremely unique needs, there’s no reason to reinvent the wheel and pay the high cost of building a fintech application from scratch.
White label fintech software development is a stress-free experience
When you partner with a white label software company, it puts all the technical responsibilities in the hands of skilled, qualified developers, while taking the burden off of your company. With an outsourced, white label software development team, you don’t need to hire an in-house development team or risk hiring various individuals that may not work well as a team.
A white label software partner will provide you with everything you need to get your application to market as quickly as possible. They’ll handle everything, including UX/UI design, creating the administrative interface, all the technical requirements, and most importantly, cybersecurity.
With all of your software development needs taken care of, you can keep your focus on growing your business and all of your other priorities.
Why white label software is ideal for fintech companies
White label software development is useful for many industries, but it’s especially great for companies in the financial sector where regulatory compliance and financial transactions meet.
The fact that it’s easy to standardize is the best benefit. Most banking applications offer the same features since end users have standard and simple needs. When people use a banking application, they expect it to work like the other financial applications they’re used to using. For example, some of the most common features users expect from an online banking service are:
- An onboarding service where your end users are taught how to use the app
- Access to checking and savings account balances
- The ability to transfer money between internal accounts
- The ability to transfer money to external accounts
- Access to view past account activity
- Access to deposits and withdrawals
- Balance notifications
- Downloadable, detailed bank statements
- The ability to replace a card or get a new one issued
- Personal loan information and applications
- Insurance quotes and applications
- Mortgage information and applications
The more your application is standardized, the easier it will be for users to adopt it and use it regularly. This is why white label software is ideal for banking applications. White label applications are pre-built and ready to go, and come with all the typical features users expect and all you need to do is customize and brand it before you sell it.
If you want to tailor solutions by adding specific features, you can have your application further customized, but at a basic level, it will be ready to go in a short period of time.
White label software is great, but doesn’t guarantee success
It should be noted that creating a successful white label application requires more than just launching software.
Your white label provider may create the software, but you’ll still need a business and marketing plan, and will need to manage your partnerships and clients.
9 considerations before creating a white label platform
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Easy branding and basic modifications
You should be able to add your brand identity by yourself without calling a programmer. Make sure your white label developer can make this process easy for you.
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Perfect your branding
People will come to recognize you based on how you brand your application. Make it memorable, but not distracting.
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Choose the best features
There are always a plethora of features you can add to a software application, but more is not always better. Choose the most necessary and useful white label solution that end users will want, and start there. You can always add more features later if needed.
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Note your desired integrations
Provide your white label developer with a list of all the API integrations you’d like your application to have. You may not be able to get access to every API (application programming interfaces) on your list, but don’t start the development process without considering this factor.
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Get a third-party security assessment
As the owner of the software application, you can and will be held legally responsible for security breaches.
Hire an independent third-party to perform penetration testing and vulnerability scanning to make sure your application is secure.
Regardless of whether you’re implementing a fintech solution that includes payment acceptance, mobilewallets or currency exchange, you will need government-level cybersecurity software.
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Create a development budget
Budget for the application development realistically. Thankfully, white label applications are pretty standard, and that means it’s easier to get an accurate quote for all the features you need now and what you may need in the future.
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Get training on troubleshooting and support
The companies you sell to will go to you for support when issues arise, and since they will think you developed the application, you’ll need to know how to troubleshoot common issues. Ask your white label developer to train you on the basics so you can help when needed. Also, train your support staff by having them use your application as if they were an end user so they know how it works. You don’t want to be one of those companies whose support team is clueless about their own product.
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Determine how your application will be sold
You might want to sell your application directly, or offer it to affiliates for a commission. It’s up to you, but know ahead of time how you’ll sell the application and what compensation you’ll provide to your sales team or affiliates.
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Have a demo available
Screen shots are never enough to know how an application works. Your market will need a demo, either accessible on your company’s website, or through a scheduled demo session. If possible, you should give people the ability to test drive your application without forcing them to schedule a demo. If you have a web application in addition to a mobile app, this should be easy.
Your developer will create the application, but you’ll need to deliver on your promises
While it’s your white label developer’s responsibility to build and secure your application, it’s your responsibility to deliver a reliable product that meets your target market’s needs and provides them with support as needed.
Make DEV your white label fintech platform development partner
Now that you know white label fintech software can be easily customized, secured, branded, and resold, all without the hefty fees of developing an application from scratch, you might be wondering how to get started.
In short, fintech startups can move faster on their fintech project when they are able to tap into a software solution that meets their needs out-of-the-box.
If you need custom branded fintech software you can resell, we’d love to help you implement your project by partnering with you.
Our dedicated team of expert software developers have extensive experience developing applications for the fintech and banking industries, and we would love to help you bring your project to life.
To learn more about our white label fintech software solutions, reach out to us and tell us about your project and let’s get started!
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