THROWING LIGHT ON WHITE LABEL IN FINTECH: THE BENEFITS AND ADVANTAGES
What is FinTech?
Financial Technology is more familiar to many as FinTech. Companies using technology to make financial services more efficient constitute this financial industry. FinTech is a line of business. Financial technology companies are generally start-ups. The goal of these companies is to derange current commercial systems and corporations. Especially those that rely less on software.
What is White Label?
A white label lets a buyer create his or her specific product. The provider allows the client to use that product without the provider’s brand or logo. The client only has to focus on business development and strategy setting. He or she can then leave the delivery to the white label provider. The provider already tested the technology, enabling faster market reach. So, you can usually reap the benefits during development. To create their payment products the way they want them to be in several days and with meager budgets. That is what most companies are looking for nowadays. But, there are only a few white label ventures in FinTech that allow companies to do that.
What is API?
An Application Programming Interface or API is a toolset that programmers use. An API helps them create software. One of the APIs that people are familiar with is the Apple API. It detects touchscreen interactions and allows a programmer to deliver reliable solutions fast.
What are the benefits of white label APIs?
- Services are an inherent part of your application.
There are several benefits of white label APIs. One of the best is seamless access to the functionality of several APIs in one place. You can even combine different services and brand them as your own. Your customers will use APIs to open accounts, set-up debit cards, or make payments. White labeling lets your customer experience all those features as one integrated workflow. What is good about it is that the services are a natural part of your application.
- Your brand is the focus.
White labeling allows the promotion of your brand. Your brand gets promoted when people use an API-provided service. The brand of the third-party API provider is usually unknown to the customers. Your brand will always be the focus. It does not matter if the service is within your application or on your website. More so if the service is on your marketing materials. The service can also be on other products sent to customers, like debit cards and bank statements. In this case, your brand will still be at the front and center.
- Your customer’s experience is at your hands.
There is another excellent benefit using white label APIs that can give you. You can craft astounding experiences for your customers. Saving money or making instant payments to friends may be a service you provide to customers. Or your company may offer a full suite of banking services. No matter what, you determine how your customers interact with any of these services.
The decision on what your application’s payments interface looks like all lies on you. You are the one who designs the customer’s debit cards and bank statements. You also issue them under your specific individual brand. White label FinTech APIs can be customizable to give you even more control. An example is your ability to configure card and account controls for your customers. This ability allows you to manage the risks.
FinTech companies spend too much money on getting necessary licenses and certificates. Even start-ups, payment services providers, banks, and other financial institutions do this. They assign an IT team to create a complete system for online payments or banking, which is expensive. Using white label products will let them avoid huge expenses. White label providers already have everything a business needs. They can set up your eCommerce and Online Banking solutions for you. They allow you to save a lot of time and budget. Most providers are flexible in their development process. They can adapt the system to their client’s needs with ease. You only have to look for the provider that will be able to provide all your needs.