Best Banking Software for Fintech Startups in 2021

Building a competitive company in the fintech sector is challenging. Your applications should complete a plethora of tasks at once. Users may need to open accounts, make trades and deposits, transfer withdrawals, etc. Developing a system from scratch is a complex and costly endeavour. Instead, you could opt for a cheaper white label solution. But is it really worth it?

The biggest decision for any startup is whether to build software or buy it. There are plenty of factors to consider, from your business model to the required technology stack. Getting help from a digital banking software provider and buying a system you can brand as your own is attractive.

Benefits of White Label

Some entrepreneurs believe that as the industry is so vibrant, every company should create unique solutions to stand out from the crowd. Despite the innovative nature of fintech, you do not have to do all the heavy lifting by yourself. Besides, why should you reinvent the wheel, when all the necessary models have already been crafted?

1.  Faster Launch

If you opt for an off-the-shelf solution, this means your product will have already been tested in a live environment. There is less risk, and you can enter the market much sooner.

2.  Reduced Staff Costs

You do not have to employ an in-house team who would deal with the upgrades and fixes. Thus, support will also come from the white label provider. As a result, your firm will save money as it will not need to recruit, train and hire more staff.

3.  Lower Infrastructure Costs

The majority of advanced solutions are built based on cloud technologies. This means that the provider handles the hosting and maintenance. Neither your operating costs nor your maintenance expenses will change.

Any Downsides?

This solution seems ideal, so is there a catch? As long as you work with a reputable firm, your concerns should be minimal. Not every buyer is happy about conforming to the existing functionality, and some firms will charge you upfront. However, the benefits outweigh the cons.

Agree on an appropriate service level with the provider to ensure a smooth integration. Make sure the contract specifies the right level of customization and tech support according to your needs. Scaled pricing will help you keep the expenses under control. Finally, make sure the company has enough experience adhering to the compliance requirements for your niche.

The Bottom Line

Fintech companies do not have to develop expensive apps and digital systems at their own expense. Instead, they may opt for ready-made solutions provided by white label firms. They suit the needs of startups, banks, payment services providers, and other financial institutions. These platforms allow quick launch with fewer resources and infrastructure.

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