How to make sure that a white label solution can grow and evolve with your fintech business

Pavel Satsuk -

Besides the common misconception that a white label solution renders all businesses that contract it resemble each other, there is another common fallacy about turnkey software. The perception of many potential customers draws retail software like a group of stagnant products that are not only unable to develop, but also lose support from vendors after installation. Although we understand that this comes from cases with untrustworthy software providers, such confusions are harmful not only to ethical developers but also to the entire industry. Therefore, we consider it our duty to debunk this myth and show you how to choose quality white label exchange software that can expand and grow along with your business.

Don't skip the due diligence step when approaching a software vendor

Making sure that the capabilities of a white label exchange software developer match their claims. The fate of your project hinges on this if you decide to sign a cooperation agreement with this provider. A checklist can include quite a few items depending on the nature of your business and the type of solution you are considering but remember not to limit yourself to publicly available sources. After assessing the size of the team and studying the geolocation of offices, be sure to pay attention to the qualifications of the development department, the quality of customer support, the technology stack the company works with.

You can ask direct questions of a consultant, or play the mystery consumer card, that is, choose the methods that suit you. The only thing to remember is that a reliable software developer of any type, who is proud and values his reputation, will never hide his track record or refuse to showcase their projects with past and existing clients. Also, if you feel like visiting the developer's office and getting to know the engineering team in person, it's absolutely justified, and if the vendor agrees to take such a step, it's definitely a good sign.

Bottom line:

Remember that you are signing up for a long-term relationship with a technology provider, so you need to be extremely committed to getting to know your partner and checking their capabilities.

Make sure that your and your vendor's vision for the project aligns

The better a developer understands your goals and objectives as a business, the more likely they will be able to properly set up and support the solution. Remember that your relationship will be protected by an NDA, and roadmaps of business development for a year, three, or even five years ahead can show the developer the possible challenges that the engineering team will face in the future and better prepare for them.

Again, a good sign that the vendor is ready for the tasks you throw at them is the presence of similar projects in the portfolio. Ironically, the more similar solutions the vendor has implemented, the more likely it is that the delivery package will already take into account those possible specific requirements your business will need. For a reputable white label cryptocurrency exchange or brokerage software vendor, each customer is an opportunity to add more features to its technological arsenal.

Bottom line:

If the developer understands exactly how you plan to make money with the solution, they will be able to offer you the most effective tools for that within their software package.

Be aware that signing a partnership agreement is only the beginning

For a software solution to become a reliable technological basis for your business, prepare for the fact that after reaching a cooperation agreement, you will have to be as actively involved in the implementation of the solution as the developers. First, your team will go through the onboarding phase, where you'll get to know all the features of the solution and learn how to manage it with fine-tuning. As new modules of the solution go live, you will be required to devote resources to reviewing documentation and introducing new features to your end clients.

    Every solution and product by Soft-FX includes a service level agreement, under which we will undertake to support the stable operation of our software. The terms of the agreement include a defined time to respond and resolve an issue by our support team.

    For each item in our catalog, we have also developed a thorough onboarding process, that can be tailored to the needs of client business, team size, and the desired time to first value. The onboarding plan, depending on the client's preferences, may include regular meetings with the team and scheduled technical consultations with individual employees.

Bottom line:

The better you understand how the solution you purchased works, the better suggestions for improvement you will be able to make.

Fully utilize both vectors of the white label software evolution

Remember that the initiative to improve and develop the components of a white label digital asset exchange solution can come not only from you, but also from the software provider, and this is a perfectly normal course of events. A developer who has been on the market for a long time is sure to establish their own vision of how the industry and adjacent technologies are developing. Remember that when you purchase a solution from a validated vendor, you not only acquire possession of the technology, but also the unique experience of the development team, which is difficult to value in monetary terms. Therefore, it is good practice to consult with your provider regularly. You don't have to implement everything you're offered, but in the fintech industry, as nowhere else, it's important to have a fresh perspective.

Bottom line:

Remember, your vendor's expertise is just as valuable as their technology.

Remember that your solution is not set in stone

We believe that from the foregoing it already follows that changes in the configuration of white label digital asset exchange solutions can be made at any stage. In this section, we would like to reinforce this thesis with a real example from our client's story.

FXOpen: gradual evolution

The solution: Forex Broker Turnkey

FXOpen is a global Forex and CFD broker, founded in 2005 by a group of traders determined to make trading easy, secure, and accessible to all. Soft-FX is connected with the broker for more than 10 years, and each product included in the Forex Broker Turnkey solution was developed and improved taking into account Soft-FX's growing requirements. It is safe to say that such cooperation was mutually beneficial, as now Forex Broker Turnkey software package represents a powerful technological foundation that helped turn a local broker into a global brand. With the help of the solution, FXOpen manages operations with 624 trading instruments and 600+ stock CFDs, delivering its services to million traders operating on more than 3,5 million accounts worldwide.

Bottom line:

A reliable vendor will always be ready to meet you halfway and discuss the refinement of the solution at any stage since both parties have an interest in this.

Final thoughts: don't forget what the end goal is

Your ultimate goal as a fintech trading business owner is to generate profits with your clients. A provider specializing in white label brokerage or white label crypto exchange development seeks to capitalize on its technology by supplying it to as many customers as possible. This is only possible if clients are happy not only with the software itself but also with the ability to tweak the solution settings to their own needs. Therefore, the partnership in question is by no means one-sided, but rather a symbiosis that gives you a foundation to strengthen and expand with your business.