An ever-increasing number of companies are re-evaluating the services that they offer to their customers. They know that in order to accomplish something worthwhile, it is necessary to grab the wheel and steer in the right direction.
After having looked at the financial performance of their services in the past several years and comparing it with market attractiveness, firms conclude that the services that they offer are neither effective nor efficient. This is not good news taking into consideration that service providers need to improve the engagement level with customers.
What are these companies supposed to do? Call it quits? No. By creating a new experience as a business and brand, it is possible to foster loyalty. One idea would be to offer banking services. At present, just about any organisation can become a bank. To be more precise, it is not required to be a bank in order to act like one. Enterprises are now able to offer alternative finance solutions to consumers on an on-demand service. Entrepreneurs facing a business problem do not have to build their own solution from scratch. They can simply opt for a white label product. In what follows, we are going to approach this matter.
Understanding the basics of white labelling
A white label product is designed by a company, which is referred to as the producer, for a purchaser, so that they are able to create their own product. Attention needs to be paid to the fact that the product is offered with no brand. The company that acquires it is able to rebrand the product and make it appear as if it had made it. The white label provider concentrates on identifying cost-effective means to create the product, while the client focuses on business development. The organisation paying for the white label product gains by adding another service to its portfolio. What is more, resources are not wasted.
The white label provider could be anyone from a bank to another entity that is capable of designing new and cutting-edge banking solutions. The financial service product typically features an account number, contactless debit card, standing orders, and fast payments. the debit account can very well be used as a savings account. Firms offering such things are ahead of the competition. They are mostly doing this for FinTech companies, start-ups, payment service providers, and other businesses that spend too much money. It is interesting to note that white label partnerships continue to evolve. Companies are no longer interested in using their own resources and they are willing to enter partnerships with third parties.
The benefits of implementing promising financial ideas
As mentioned earlier, more and more firms are open to developing relationships with third parties and it is not hard to understand why. They are able to offer clients new services, which in turn is highly beneficial. This is why white labelling is worth the price.
Building a new revenue stream
Nobody can deny the fact that white label current accounts offer an alternative revenue stream. When an organisation has a brand new offering, it is within its powers to offer customers more and obtain more in exchange. Giving the luxury of choice is good for business. It is expected that additional businesses will form complementary partnerships and deliver enhanced client experiences. Since the product is sold under the preferred brand name, customers will not go to a different service supplier.
Saving time and money
A highly specialised producer undertakes the task of manufacturing a given product that will be brought into the market under a different label. The development product is completed in a short amount of time. The outcome is that time and money are saved. Purchasers can almost instantly accept online payments and meeting their end-customers’ needs. White label providers support customers with innovative technology, not to mention years of process experience. It is within the power of the buyer to choose the service provider that offers the most suitable product and build their unique service.
What it takes to keep ahead of the competition
Until this point, it is clear that banking, as well as financial services are on the brink of a new model. Generally speaking, traditional banking is shut down and for good reason too. They resort to fraudulent means to obtain what they want, in addition to the fact that they are not at all willing to adjust to their clients. Companies are now able to curb the power of corporations by taking over some of the functions. In retail and payment, there is already a revolution. With the evolution of FinTech, it seems that financial institutions do not stand a chance to survive. Since enterprises have the opportunity to become banks, they should take advantage of it.
Organisations that are looking forward to growing their bottom line with white label services ought to know how to recognise a good proposition. As a rule, a white label product should meet the following criteria:
- Adaptive infrastructure and platforms: The solution should be delivered through a flexible infrastructure and various platforms. The aim is continuous service progression.
- Support across all channels: So as to help the partner enhance customer experience, the producer should supply a great many services, like training and education.
- Perception and interaction: The consumers’ perceptions and feelings ought to be considered. Not only should the platforms interact without much difficulty, but also they should open seamlessly.
Owing to alternative banking solutions offered by white label providers, it is not necessary to invest in infrastructure or technology for that matter. Businesses that do not have services in house often resort to using a form of white labelling. They do so in order to overcome shortages and issues within their organisations. And to be able to compete with the big players in the market. The result is good for everyone involved. More precisely, the purchaser adds new services to the portfolio, while the third party sells its products. Things could not get any better. As for the results, they are immediately visible.