Return to Blog PagePosted November 13, 2019
Have you ever heard of private label banking? It’s much more common than you think. With the growing presence of mobile banking, private label banking apps are reaching increased popularity.
Private labeling, the process of taking a product or service and turning its appearance and brand to match that of the retailer, has begun moving beyond the simple applications to physical consumer products. One of the biggest advantages to private labeling is the ease of not having to create a new product from scratch, but instead use an already created product from a manufacturer to be rebranded under the name of the retailer. This advantage is being utilized in personal finance with companies such as Google, Apple, and Amazon getting banking apps, created by smaller firms and financial technology companies (fintechs), to be private labeled under their services.
This symbiotic relationship allows smaller companies to compete with established financial giants as well as give retailers a path to branching out towards other markets.
So what is the result? A new wave of banking apps that are rapidly increasing in popularity. You may have heard some of these apps, such as Mint and Simple.
And it doesn’t stop there. White label banking (or white label retail banking) follows a similar process, where fintech companies develop efficient person finance tools and a branding agency packages that software or program into a featured app for easy use. The overall concept of Banking-as-a-Service (BaaS) has become much more standard with the innovations of mobile technology and increased app use, and with it, industries like banking are making advancements with private label and white label.
So what does this mean for entrepreneurs and ambitious business professionals? There is always opportunity for business growth and new investments wherever you look, and banking is another lucrative opportunity with private label and white label. Getting involved in this type of business, whether it be as a developer, a distributor, a branding agency, an information security agency, or a retailer, will prove to be worthwhile if you have the right ideas to put forth an excellent service that can easily compete with current financial giants.
At the White Label World Expo, entrepreneurs and business professionals will have access to the latest tools, trends, and connections to make a business decision like this more than just a dream. What better way to get to the top than with the right help?
Check out our Why Attend Page to see what you can get out of attending a tradeshow designed for maximum business opportunities for brands, ecommerce, and of course white and private labeling.
For White Label Expo Las Vegas sponsorship and exhibiting opportunities, please contact the Event Director John Richard on John.Richard@prysmgroup.com or 702.707.7627 - extension 6004. Register below to secure your Free Ticket and get access to all important information and updates to the show!
Want to learn more about Private Label and White Label Banking? Check out these sources we used to help put this article together:
Banking As a Service and White Label Banking - published by BBVA API_Market
What is White-Label-Banking? - published Flatex-Bank
The Rise of Banking-As-A-Service - written by Lea Nonninger, published by Business Insider India