Product Maintenance Function - Introduction

A bank or financial institution often needs to be able to offer as many products as it can to meet the needs of its customers in order to gain a competitive advantage among banks and financial institutions and stay ahead in the banking industry.

This function basically allows user to maintain products differentiated by the following features, to be selected during each credit application’s data input:-

  • Banking concept (e,g., Conventional)

  • Module (e.g., Loan)

  • Product Line (e.g., Personal Loan)

  • Product Category (e.g., Ease short term cashflow, and Purchase Goods)

  • Business Unit (e.g., for Retail or Corporate)

  • Parameter settings which will determine the followings:-

    • Financing Charges

    • Repayment computation

    • Income Realisation Method

    • Late Charges

    • Prepayment or Settlement

    • Prepayment or Settlement Charges

    • Reminder letters template

    • Statement template

  • Product availability (via the Effective Date or Expiry Date)

  • Company Code

In addition, this function also allows user to pre-maintain the account parameters and product fee or charge items, which will be default value at certain functions (e.g., CA Workspace and other functions accessible via accounts, such as the 'Penalty Rate Maintenance' upon the related account number has been generated).