With the rise in cryptocurrency and its mainstream adoption for all sorts of financial operations, many FinTech companies and banking institutions are stepping into launching their own crypto banking solutions. However, they prefer white label banking platform for this, instead of developing from scratch as it can be a complex and complicated process that consumes more time and money.
Even the major tech giants such as Google, Amazon, and Google are extending their financial service operations, so as to match the pace of ever-changing market strategies and working, thereby banking and personal financial preferences are moving from traditional concepts to digital ones with a blend of white label services and newer developments.
This article will explore the need for white label banking platform and the essential features to choose a reliable solution for your business performance. Let’s get started!
A white label crypto bank is a sort of financial institution that renders the platform for banking services and payments to other companies, who want to offer those services under their name. It’s more like outsourcing and the white label provider basically acts as a tech partner here, who structures and develops the platform for some other company under a white label.
White labeling is an ideal solution for FinTech companies as they get the already existing applications configured and rebranded as per their need and customer requisites. In other words, the company relies on a white label provider to develop a white label banking platform for them, so they opt for a process that is not from scratch obviously and get the already existing APIs customized for them.
A white label company works to provide a white label banking platform that is ready to deploy and is packed with all the essential features along with enabled customization, which slashes your time to market and even is cost-effective to use.
This statistic reflects that white label banking is a futuristic approach and is going to lead the market trends in near future.
No wonder some businesses and startups do want to enter the modern baking world but financial and time constraints don’t allow them to go for a whole lot of development of platform from scratch, at that point of time white label crypto bank appears to be a perfect solution.
Whenever you wish to step into the market with a white label solution, there are some crucial traits required to operate the core functionality and services which are dependent on the business model and customer requirements.
The following are the key features of a successful white label banking platform :-
1. Customization
This is the most important feature as it determines the extent of modification that can be done and how easy is it to match the solution with the specific business requirements and brand identity.
2. Features
The selection of a suitable set of features for the application is of utmost importance as it will decide the preference and growth, so choosing and implementing the right ones is a daunting task.
3. Branding
Another important trait that controls the market flow is the branding, it has to be simple but recognizable as per the company’s market image. To manage it, the target audience and the market niche play a vital role.
4. Security
When it comes to money and finances, security is a critical trait. Never ignore it, rather analyze the risk factors in depth to understand the issues and work on it to make the platform a safer place to work on.
5. API Integration
Considering the business solution, there is a need to be aware of required and essential APIs to include, such as digital signatures, online calculators, payment systems, and so on, so that the solution renders effortless integration options with third-party applications for seamless operations.
6. Development cost
It’s a must to plan a budget prior to the initiation of the process so that the business investing and the white label provider both are on the same page and can figure out the available options accordingly.
7. Scalability
With an optimistic approach, every business wants to grow so the platform must be scalable enough to get along with the growing pace and changing needs like handling more traffic and transactions at a time.
8. Support
A customer support system is also a key feature to add as it provides the users a window to look for a solution if facing any issue with the platform functioning. This must be updated timely and continuous problem-solving must be followed.
The banking sector is getting revolutionized with numerous latest trends and cutting-edge technologies incorporated in the functioning and operations with a blend of traditional banking services and digital innovations. To match up the pace and growth, businesses including budding startups are opting for a white label banking platform for smooth entry.
Needless to say, features are the critical aspect of every product launched in the market and draw more customers, therefore your white label crypto bank must be loaded with all the essential traits that can boost your business. If in doubt, consult the team of blockchain experts and finance specialists at Antier to devise a comprehensive solution for your crypto banking ecosystem.
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