White label banking – is a right choice?

White label banking - is a right choice? 13

White-label banking isn’t a new concept. It’s been around for quite some time. It is a practice when a financial service company joins hands with a fintech software to buy a software product. The idea is to offer it under their very own brand. White-label banking is also known as, ‘banking-as-as-service.’ It reduces overall costs and helps generate profit. 

But is it the right choice for you? Sometimes the best bet is to work on an individual solution. There are a few downsides of white-label banking. 

While you’re here, allow us to share some more information regarding the disadvantages. And we will also let you know why building your solution is the best bet. 

The Downsides of White Label Banking 

The trouble with white-label banking is that the solution is tailor-made for industry-specific needs. While it’s good to have it ready, there are customization issues. 

You need to get the required customization before you buy the software product. The software system will be aligned with your expectations.

When it is to making customization, your solution will give you more control over your hands. You have more say over what goes into it and what’s not required.

Another concern you may have is that many organizations might be using the same software but it has been rebranded. Technically, institutions are fighting for a similar target audience. What are you bringing to the table? Let’s rephrase this – what’s new? 

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When you build an individual solution, you can keep in mind what your target audience wants and needs. You can get a user-centric design and deliver some new features that your competitors haven’t introduced. Project has a higher chance of success when you have more control. 

The white-label banking approach is getting a pre-created design with features. It may not be possible to make changes. 

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Perhaps you need a better solution. Or let’s just say – you need to build an individual solution. 

The Wonders of Building An Individual Solution 

We’ve said it in the above-mentioned section, but we will say it again. You need to build an individual solution to gain more control. 

The white-label banking solution may not give you the power to offer what the target audience needs. 

When you understand your audience and can build a solution keeping in mind their needs and convenience, then you can have more control over the security, and functionality aspects. 

A white-label banking solution is indeed a good option when you have less time on hand, and it will be easier to market sooner too. 

But, if the idea is to leave no stone unturned and give the best experience to the users, you need to work on an individual solution. 

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