For any financial institution, innovating new products and offering a diverse set of products and services to their customers has always been a guiding factor for customer retention. However, as, and when new product variants are added, it simultaneously increases operational burden, extensive staff training and the cost to manage a bloated product portfolio. Such product proliferation could lead to mis-selling, risk of non-compliance, and poor customer experience.
Banks today need a lean product catalog and agile systems to nimbly adapt to market changes. From personalizing offerings on the fly to co-innovating products with third-party providers in an ecosystem, banks can truly transform their product management capabilities with the right rationalization strategy.
In this whitepaper, you will discover:
- A roadmap to eliminate product proliferation
- Product rationalization approaches and key steps
- Must-haves in your product rationalization solution