The need for a white-label banking software or platform may arise when a business switches services to offering banking services or when a financial enterprise needs to adopt specific banking capabilities not easily developed in-house. It then becomes necessary to leverage ready-made digital banking software.
Many factors can trigger a brand to seek a private-label banking platform. This may be down to market changes, high cost of software development, lack of technical knowledge, lack of resources required to launch and manage a fintech product, or simply the need to get to market faster.
And as customers’ demand for digitized and personalized banking processes outweighs the speed of delivery, adopting an agile banking system to enhance capacity to meet these demands becomes paramount.
However, choosing to adopt banking software to enhance business performance is just the tip of the iceberg. Selecting the best agile banking platform that caters for your business’s exact needs and ensures you run seamlessly is by no means easy. Many financial institutions do not know exactly what to expect from a banking software or at least the rudimentary capabilities a banking software should have.
Below are what you should consider when sourcing for a suitable banking platform:
Cost-effective
A great banking platform should offer competitive prices that significantly reduces operating costs compared to building your bank from the ground up. It’s always helpful to compare costs against product offerings as well as comparing costs across different providers before selecting a provider.
Portfolio Analysis
A suitable banking software should present you with useful insight into clients’ portfolios – per client. This feature provides you with information vital for the preparation of portfolio management activities, advisory meetings, cash flow forecasting, asset monitoring, etc. If you operate a wealth management or private banking enterprise, this is indispensable as it enhances your relationship managers’ dealings with clients.
Multi-Currency and Multiple Accounts
A crucial feature of an ideal banking platform is multi-currency and multi-account capabilities. This is to enable your clients to create as many accounts and sub-accounts on your platform as they need and work with as many currencies per account as you support. Clients should be able to move money in a way that suits their lifestyles and businesses.