Build new banking services
In 2023, White Label Core Banking Software is a popular choice for companies that want to build new banking services. This allows them to use a bank’s technology stack, APIs. And infrastructure without having to worry about obtaining a banking license or fulfilling other regulatory requirements. It also cuts down on development costs by eliminating the need to hire expensive developers and building a complicated infrastructure from scratch. Trends in White Label Core Banking Software in 2023
The market for white label banking solutions is growing rapidly, with the market expected to reach $394 billion by 2026. This growth is driven by the increasing number of customer. Who are using nonbanks and fintech solutions to connect their bank accounts with technology apps. Giving them more convenience and better service.
Why White Label Banking Is a Great Option for Your Business
Developing new banking products from scratch can be expensive. Especially when you need to pay skilled developers and build a complex infrastructure from the ground up. With a white label solution, you can avoid these costly costs and focus on what matters most: attracting customers. Trends in White Label Core Banking Software in 2023
Small and mid-sized banks
A major challenge faced by small and mid-sized banks is the limited scope for customization offered by their core banking systems. Which are developed and maintained by only a handful of vendors. This limits their ability to add new features that are unique, company-specific and user-centric. This is particularly true in the case of core processing. Which tends to be based on common functionalities and is often not easily customizable.
Core banking systems
To overcome this, many challenger banks are taking a different approach to their core banking systems. This has meant eschewing a core banking application as a fixed component. Allowing them to adopt new architectural patterns like microservices. This has in turn led to radical innovation, with challengers such as Starling performing multiple releases of their online services. Every day and launching corporate accounts from scratch within six weeks.
In order to compete with the challengers, banks need to offer competitively priced solutions that deliver a superior user experience. This requires a sophisticated and flexible platform that supports complex financial processes, offers easy scalability and delivers reliable and secure services.
For this reason, many small and mid-sized banks are partnering with fintech firms to create these dependable enterprise platforms. The goal is to provide a consistent and seamless build and experience across all devices and locations. As well as the flexibility to add new features quickly and cost-effectively.
Dependable enterprise platforms
While delivering these dependable enterprise platforms, it is important to understand the specific needs of FIs in terms of security, reporting and scalability. This will ensure that the platform satisfies their compliance requirements and operates safely on their endpoints.
In 2023, the global market for white label banking solutions is set to grow rapidly due to its ability to meet growing customer demand. These trends will give rise to many more opportunities for fintech’s in the coming years, as white label solutions provide a scalable and flexible basis for creating new financial products that deliver a delightful banking experience.