The importance of tech flex

In the last few years, technology has become a more and more important aspect of the financial industry, much like with the gaming industry.

When dealing with Trading brokerages, one of the most important questions the industry has faced is how to best implement a white-label platform across multiple channels and jurisdictions. What operators now expect from white-label offerings has changed significantly, and as technology has progressed, demand has increased exponentially.

The turnkey white-label model has come under some criticism from those who argue that greater differentiation is required to succeed in a hyper-competitive industry. However, white-labelling still plays an important role in every technology-driven industry, it just needs to adapt to the increasing expectations of both operators/partners, and retail customers.

Flexible platform

The financial industry shares many of its technological requirements and demands with the gaming industry. Like gaming, retail customers expect a feature-packed platform that’s easily accessible on desktop and mobile.

For the brands supporting these customers, the platform must be flexible enough to support various markets while also complying with local legislation and regulation.

Providers must also think beyond content and regulation. For instance, payment processing is a crucial component of any advanced-thinking platform. Without offering a wide range of payment options, it’s unlikely your platform will be able to succeed in divergent markets.

Then there’s the question of risk management. Partners must have access to the tools they need to allow them to actively manage their risk, without the burden of developing and maintaining such tools in-house.

A suite of marketing tools is another essential component. Acquisition costs have skyrocketed in the Trading industry over the past few years, much like in gaming. As a result, retention has become more important than ever, since any strong platform must incorporate KPI-driven CRM features allowing operators and partners to personalise online campaigns to build up their brand.

In the past, offering a base level, core function platform used to be enough, whether it was for currency trading or sports betting, but it isn’t enough anymore. Partners are now demanding a range of features, sprawling across marketing, compliance, regulation, and support, creating a fundamentally different technological challenge.

Service essential

To achieve this, providers must look beyond technology, however advanced it may be, to ensure it is supported by world-class services. This can take several forms, but at its core it means providers should not view white-labelling as a one-off sale of technology. Instead, it should be an ongoing partnership built upon the foundations of healthy business relationships and technology.

As with many gaming operators, FX Trading partners’ biggest strength tends to be their marketing expertise. They need a market-leading technology, but they often lack the resources or know-how to develop and maintain their own in-house.

The role of the provider is to empower their partners through a combination of technology and support, enabling partners to communicate directly with their customers.

Like gaming, the FX industry has enjoyed several years of strong growth off the back of technological innovation, but we cannot afford to become complacent. With a raft of innovative new products attempting to disrupt both industries, it will be the development of core-centric, white-label platforms which will remain as a central pillar of success for the industry.