White label digital bank: 5 advantages for your business

The current situation is excellent for digital banks: Financial inclusion and digital payments are increasing globally. The industry is promising for businesses wishing to develop their financial services and products, which a white-label neo-banking platform may help.

Despite major developments in the payments and banking industries in recent years, the Central Bank’s Global Findex Database study found that there is still room for new businesses: Today, 150 million Latin Americans still make all of their payments in cash. As a result, there is a significant banking opportunity in the region.

In addition, considerable changes have occurred in recent years as new players entered the sector, even if they were not initially from the financial universe. Companies from various industries, including merchants, carriers, and manufacturers, have engaged consumers by providing financial solutions.

Building your digital bank can be profitable and smart for businesses of all sizes and categories. What is the quickest way to do it? A digital banking platform with a white label.

In this post, we’ll show you how it may be a simple and, more significantly, profitable solution for your company.

Understanding white label

A white label, as the name implies, is a blank label. In practice, it is an option for enterprises that want to engage on new market fronts but want to avoid going through the effort, costs, and time required to develop their solution.

White-label platforms in the financial world allow banks and fintech to promote their financial solutions via APIs. These solutions are created by a technology company like Dock, which customizes the ultimate customer experience and brings the company’s appearance and feel to its clients. White-label solutions enable a financial world that is “as a service.”

What exactly is a white-labeled digital bank?

A white-label digital bank is an example of a white-label strategy in action. As a result, it is a bank XNUMX% suited to your company’s brand, relying on a tech partner to construct the full infrastructure for financial services and products via APIs.

The Banking da Dock is an example of a white-label digital banking platform that lets any business or organization offer financial services by contracting the technology in a “plug-and-play” manner and only designing the front end with its brand.

You can provide a comprehensive digital account for your consumers, including all loan and banking operations, using our worldwide and flexible API platform, for example:

  • Paying bills
  • Making instantaneous payments
  • Making wire transfers
  • Generating pay slips
  • Making phone recharges and generating vouchers
  • Making personal loans
  • Having an interest-bearing account

We also handle all regulatory and treasury difficulties, allowing your company to focus on what matters most: attracting new customers and enhancing your financial solution.

5 benefits of utilizing a white-label digital banking platform

Now that we’ve covered fundamental concepts and terminologies let’s discuss the advantages of a white-label digital banking system for your company.

1. Streamlining and improving deployment processes

When creating a digital bank, the white-label concept simplifies implementation and represents cheap development costs.

As we’ve seen, implementing this platform does not necessitate such a large internal team or allocating many resources, such as infrastructure and equipment. Processes are additionally optimized because a portion of the solution development has already been completed, tested, and verified.

As a result, go-to-market activities are greatly reduced, allowing your company to consolidate faster.

2. Reducing operational costs and generating new income streams

Companies not initially from the financial world might optimize their financial management by using their bank to perform transactions, streamline processes, and lowering operating costs.

They can also generate new revenue streams by offering financial services to their consumers.

Cosmetic product makers who sell directly to consumers are a perfect illustration of this approach. By providing a digital bank for their salespeople, companies can make their payment operations more agile while also lowering costs, allowing this vital link between their brand and customers to invest in improving their sales statistics.

3. Increasing their portfolio and acquiring new clients

Because a third party is responsible for generating several different products, a company may extend its portfolio more optimally by employing a white-label digital banking platform.

For example, in Brazil, digital banks are expected to deploy new features as soon as the Central Bank licenses them, requiring them to keep up with Pix developments. By depending on a white-label digital bank, functions can be built faster, and clients can begin using them sooner.

Another intriguing situation is the financial solution portfolio, which can be quickly expanded. For example, a retail organization that already offers accounts may engage its audience by selling new products like credit cards or loans.

4. Increasing customer satisfaction

Your business can boost its client relationships and customer loyalty by expanding the range of services supplied by a white-label digital bank and assisting your consumers in accessing the financial world for various demands in their daily lives.

Supermarkets and retail chains, for example, have close relationships with customers in many towns and communities. People already trust and rely on these firms for shopping and other services such as paying bills, recharging phones, etc.

In some circumstances, establishing another point of contact (such as a digital account) strengthens the relationship and makes your customer’s life easier. After all, why would they need to visit a bank branch when they already go to their preferred point of sale every week?

5. A Deeper understanding of a consumer profile and staying ahead of the competition

We live in an era when data is more valuable than ever for businesses. As a result, we must identify it as a resource for providing the best and most personalized financial services.

When employing a white-label digital banking platform, your firm, bank, or fintech retains complete control over all transactional data, client profiles, etc.

Based on it, your credit product can grow smarter, new features can be added, and additional services can be added to improve the financial experience.

Do you require a white-label digital banking platform? Risingmax Corporation

We are the only platform providing solutions for the payments ecosystem and banking. In addition to our Banking, we also offer white-label solutions to Card & Credit, Acquiring e Risks, and other areas.

We hope to unlock your full business potential by giving them, allowing you to achieve your objectives while keeping your finances more streamlined and unconnected.

Takeaways from this post on white-label digital banks

  • Digital banks are a good business for companies wishing to establish their banks without becoming financial institutions.
  • White-label crypto banking software¬†makes providing financial services and products easier.
  • A white-label digital bank is completely customized to match the look and feel of your brand. It is common for a tech partner to construct the full infrastructure for financial services and products.
  • Your digital bank can help you pay your associates, go to market with your financial products, establish new revenue streams, strengthen your client interaction, and increase customer loyalty.

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