04October
Product Development & Conceptualization for a leading corporate bank 0 Comments | By admin
Business problem:
The bank was in the process of transforming its business model and operating model , the bank wanted to benchmark all of its products and services with competition and according enhance the existing product mix to improve top-line as well as bottom line
The Mandate was to study AS-IS Products, Policy, and Processes relating to retail loans and do an end-to-end analysis of the same as to whether the same is aligned with the practices followed by competition 2 to 3 leading cooperative banks, 2 to 3 private sector banks and 2 to 3 public sector banks
Solution Approach:
Understanding the market potential geography wise, Product mix geography wise, and realigning our marketing strategy for retail loans in line with the market
Understanding the regulatory aspects governing Co-operative banks and thereafter suggesting changes in the products, policy and processes.
Identify the gaps in the Products, Policy, and Processes and come up with revised product papers, policy documents, re-engineering process and automation opportunities
Understanding the product mix of Retail loan products of bank and working out a strategy for strengthening the product mix with a view to help the bank improve yield on retail loans.
Working out the marketing strategy for increasing the credit off take under the affordable housing scheme introduced by the ministry of housing affairs(MHA) in line with the offerings of some of the competitors
Understanding the regulatory aspects relating to setting up a DSA channel in cooperative bank and formulating the various processes including due diligence, on-boarding, performance monitoring, operational framework assessment, delinquency management process etc.
Presenting the final revised products and policies to board of the bank and taking the final sign off from the board
Key Outcome and benefits:
Competition bench-marking of loan products like doctor loan, education loan, affordable housing loan, home loan, personal loan, gold loan, vehicle loan and third-party products
First cooperative bank to develop and submit business facilitator policy to RBI for approval
Deployment of pre-approved products for existing customer base
Deployment of smart home loan product first of its kind for cooperative bank
