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PRODUCT DEVELOPMENT PROCESS
What is the first stage in the product development process for retail banking products?
The first stage is idea generation, where concepts for new products are sourced from customer feedback, competitor analysis, market research, and internal stakeholders.
What is the concept of 'idea generation' in the banking product development lifecycle?
Systematic process of identifying new product ideas from internal and external sources.
What does the concept testing phase in product development evaluate?
Concept testing evaluates whether the proposed product idea is acceptable and viable to the target customer segment before committing resources to full development.
What is the purpose of a product screening stage in new product development?
To filter out ideas that are impractical, unprofitable, or regulatory non-compliant.
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