Page Comparison

About Products

A product is a financial offering by a financial institution to its clients. Products are set up once

and are then available to qualifying clients (individuals, groups, and centers).

Financial institutions can set up and configure:

• Loan

• Products
• Deposit Products:
  • Savings Products (current and saving accounts)
  • Share products
  • Term deposit products
    • Fixed Deposit Products

• • • Recurring Deposit

Associated Workflows (if applicable) - list out and describe. 

Available Actions: for each one - create as H3 level-header (will show in page-level table of contents) and for each one, include the following this is applicable.  List these out and then for each one, do the following:

Products vs. Accounts

Explain that products are system-wide. Must be set up and configured before you can create accounts. Accounts are individual instances of a product.

Can also touch on which settings are editable at the account level once a product is created and which can't be edited.

Editing Existing Products

This will touch on what happens to accounts that already exist when you edit a current product (what we discussed on the phone). 

Each product may have one or more associated charges (i.e. fees and penalties). These charges need to be defined before they can be associated with a product. To learn about charges see Charges.

Your system administrator will define which users are able to define products, charges and product mix.

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