With the rapid growth of digital banking, banks and financial institutions are striving to develop new business models and revenue streams. Many Banks have already set their goal for 2021 and beyond to become a full service digital bank. But one problem still remains unsolved: The high cost and complexity of delivering end-to-end digital banking services. To convert the vision to a real and affordable solution, bridging gaps between different core banking systems and building a digital platform with common APIs which can be integrated with all the leading banks is needed.
Whitelabel platforms are dedicated Banking application service providers specializing in customizable digital solutions for Banks & Financial institutions. They offer a complete suite of modularized software development kit (SDK) which can be integrated easily to any core banking system (ERP, CRM , DWH & Analytics) and white labeled as per Banks' requirements.
How do Whitelabel digital platforms work in conjunction with banks/ Financial institutions?
These platforms are designed to ensure that the core banking systems, CRM or analytics system works seamlessly with any third party solution. This integration ensures that Banks can enjoy all the benefits of digitization without too much effort.
Whitelabel digital platform facilitates banks by offering following advantages:
It saves time & money for the bank by not developing a separate platform for each product.
It ensures that the product is best-suited for the bank's digital strategy and can be easily customized to meet their needs.
They offer an end-to-end white label, online banking solution which includes development, implementation & training services. In short any one can become a fully functional Digital Bank within a few weeks with their help.
This also makes the process of implementation faster and reduces the risks involved in product development.
Why not Build a core banking system from scratch?
Banks should always look beyond quick solutions, instead of reinventing the wheel it is advisable to make practical decisions with patience. A bank can use an open source technology to develop its own core banking system but in this case it has to spend a huge amount of time and money which makes implementation very difficult.
Whitelabel platform offers banks customized application development solutions which are cheap, secure and reliable. It can be a perfect solution for all of Banks’ digital transformation needs and it is the only platform which offers an independent banking core system.
Advantages of Whitelabel Platforms
Whitelabel Platforms offer numerous benefits to Banks, developers and customers which are as follows:
Software APIs make the integration of various banking products to core applications possible. This allows each Bank to develop their own specific digital banking strategy.
It also offers banks modularized development that makes systems highly flexible to changes & updates required by the bank. Every unit is designed with an independent core system which makes it easy to customize the product as per the Banks' requirements.
Whitelabel platform is also a scalable solution which can be integrated with core applications from any bank & help banks grow their digital business effortlessly. It allows the creation of custom modules and pre-integrated APIs for specific requirements.
It offers an end-to-end integration offering a wide range of APIs for web, mobile and SMS banking.
It is an independent solution which can be customized to meet specific needs of Banks & financial institutions. It offers complete customization options including functionalities, business processes, UI design , front-end development, back-end integration and hosting.