Financial Product Development
This workflow template illustrates the development and market launch of financial products (e.g., credit cards, loans, insurance policies, investment products, etc.), including initial ideation, product testing, internal approvals and regulatory registration/approval. Purchase and download this template in PDF and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand the Financial Product Development process.
Related KPIs : Cycle Time: Time to Market, Market Potential, New Product Kill Rate, New Product Profits as a Percentage of Total Profits, Percentage of New Products Launched on Schedule, Percentage of New Products On Budget
What is Financial Product Development?
Financial Product Development deals with the initial concept development (sometimes called "ideation"), market analysis, product documentation development, internal approval and regulatory registration for new products launched by Financial Services companies (e.g., banks, insurers, investment managers, etc.). Financial products may include credit cards, insurance coverage, investment products (e.g., exchange traded funds, etc.), savings accounts and deposit accounts. Product Development teams, product managers and line of business executives coordinate to conduct full-scale cost/benefit and market analysis to determine if the product is viable. If the product is approved internally, documentation is compiled and submitted to regulatory agencies for approval. If the product is approved by the appropriate regulatory bodies, the teams must then prepare for a full-scale market launch.
Download a Sample Financial Product Development
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Regulatory Product Approval
This workflow template illustrates the end-to-end process of regulatory approval for new products, including compliance-related requirements gathering, internal testing (against requirements...
Type : Workflow Template
Process Participants : Product Development Staff, Product Testing Staff, Compliance Staff, Regulatory Agencies