PRODUCT DEVELOPMENT PROCESS
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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.
Which regulatory body must approve new retail banking products in India before launch?
The Reserve Bank of India (RBI) must be consulted or its approval obtained for certain new retail banking products, especially those involving deposits, credit, or payment mechanisms.
What is the role of the Product Management Committee in retail banking product development?
Oversees product strategy, approves new products, and reviews product performance.
What is a Product Programme Guide (PPG) in the context of retail banking?
A Product Programme Guide is an internal document that outlines the features, eligibility criteria, pricing, risk parameters, and operational procedures for a retail banking product.
What does 'go-to-market strategy' mean in the context of a new bank product launch?
Plan covering pricing, distribution channels, promotion, and target customer segments.
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