From www.ibtimes.co.uk: Companies can choose between three development approaches for their software platforms: in-house development, outsourcing, and white-label solutions.

In-house development offers complete control and customisation but can be costly and time-consuming, while outsourcing provides access to expertise and faster implementation at potentially lower costs but limits control.

White-label solutions are cost-effective and quick to deploy with ongoing vendor support, though they may come with customisation restrictions and dependency on third-party vendors.