When you are looking to build and launch your digital business for the first time, one of the most pressing questions you will find yourself asking is what kind of platform you want to use.
For some businesses, the answer to this will be to build something custom from scratch. This approach usually consists of identifying the different types of functions your digital business will require and creating a development plan that matches this.
While this gives you considerable flexibility, it can also be quite time consuming and will eat up quite a lot of resources. This is all the more pressing given that developing the platform is only one aspect of the business and will have to be balanced with other aspects of business development.
In this context, we begin to see the contrasts — and potential benefits — of the other approach. This consists of deploying a full platform solution which is ready-made. and which can be modified to your specific needs.
For example, if you are intending to launch an online gambling platform, you might deploy an iGaming solution that takes care of all your needs. This option would lead to you using a powerful turnkey solution that can be adapted depending on the kind of iGaming product offering you intend to supply.
As we can see, the entrepreneur hoping to launch their digital business is faced with an important decision when deciding whether to opt for a turnkey, full platform solution, or something custom-built from the ground up.
With this dilemma in mind, in this short article we will set out some of the benefits of using a full platform solution, which will help you to understand what such a solution can offer and the value they can bring to your fledgling digital business.
Let’s take a look at some of the main benefits to a full platform solution.
Regulatory compliance by default
One of the most time consuming, but no less important, aspects of launching any business is ensuring that you are fully up to speed with any regulations. While this is true of essentially all sectors, industries and businesses, some are more heavily regulated than others.
One of the great things about using a ready-made full platform solution is that the platform provider will already have done much of the regulatory compliance work for you. Although this does not mean you are completely off the hook in terms of regulatory compliance, it does significantly reduce the burden. For this reason, full platform solutions are useful as they are designed to deliver in regulated markets!
Integrated payment systems
Another benefit of using a turn-key full platform solution is that they often have payment systems already built into them. This is particularly useful as they have already done the groundwork of setting up payment systems, which can be integrated with the leading payment methods. As a result, you are required to spend less time setting them up, testing them and negotiating contracts with payment providers. They can also be targeted for specific local markets.
Configurable in line with your business needs
Although lacking some of the tailor-made design of a custom platform, full platform solutions can nevertheless be customized to your business’ individual needs to a relatively high degree. You can add and take away features depending on what you need to get your business running, with the platform provider taking care of all the background work and testing to make this possible.
Security
As anyone running a digital business knows all too well, having robust, well-tested security systems in place is essential to running your business. This will not only protect your customers but can also help to reduce any potentially fraudulent activity. Full stack platform solutions will already have undergone rigorous security testing by the time they launch, which means you can be assured that a high level of protection is offered without having to rely on third-party security testing.
Ready to use customer insight tools
Many ready-made full platform solutions also include powerful customer insight tools. These allow you to better understand your players and customers with actionable insights produced using in-depth account management tools. This kind of customer insight will be crucial to growing your business and providing a consistently high level of customer service.