Bonus / Rewards for Deposit Accounts

Target release
Epic
Document statusDRAFT
Document owner 
Designer
Developers
QA

Overview

  • This feature will allow an bonus amount or a reward to be posted to a customer's deposit account.

Background and strategic fit

Many financial institutions give additional credits to customer's deposit accounts. Examples:

  • A customer in India may get a bonus amount of 2 Rupees credited to his/her account for every online mobile transaction.
  • A customer in Africa may get dividend posted to his/her account. This dividend is computed pro-rated based on the balance available for each of the 12 months in a year. The dividend may be applied manually for each account.
  • A financial institution gives a one time bonus of X amount to the customer on opening the account

Currently there are only 2 ways in which an amount can be credited to a customer's deposit account:

a) As a deposit

b) As an interest amount applied to the account

Requirements/User Stories

#TitleUser StoryImportanceNotes
1Transaction BonusesAs an Operations Manager, I wish to set up a bonus that will be credited to the account whenever a customer does certain types of transactions using one or more channels or payment typesMust Have
2Account Balance based BonusesAs an Operations Manager, I wish to set up a bonus that will be credited to the account at certain periods based on the balance (minimum balance or average balance etc.) available for a certain periodMust Have 
3Set up Accounting for BonusesAs an accountant, I wish to associate the bonuses to various expense accounts (or asset accounts, if they are receivables) to bonuses definedMust Have 
4Manual crediting of  bonus to a customer accountAs a back office user, I wish to credit an ad-hoc amount as bonus to a customer's accountMust Have 

Business Rules

TBD

 

Attributes

A new entity called Bonus will be captured. Bonus will have the following inte.

AttributeDescriptionNotes
Bonus / Reward NameName given to this bonusMandatory. Text (75)
Applies ToWhich type of deposit accounts this is applicable forMandatory. Dropdown of Savings, Current Accounts, Term Deposits and Recurring Deposits
ActiveIf this Bonus is Active or InactiveOptional. Checkbox. Defaulted to active for new bonuses.
Allow Manual Entry?If this checkbox is enabled, then system will allow a manual bonus to be applied (for example: an "Apply Bonus/Reward" button will be present - similar to Deposit button. This button will allow user to apply an amount as bonus or reward manually)Optional. Checkbox.
Bonus / Reward Based OnWhether the bonus is applicable for bonuses or whether it is computed on account balances

Optional. Dropdown with "Transaction Amount", "Account Balance".

"Account Balance" - can be treated as a lower priority requirement.

Transaction Types(displayed and set only when "Bonus / Reward Based On" is set to "Transaction Amount") List of transaction types for which this bonus is applicable

Optional. List of checkboxes or multi-select listbox.

With various transaction types: Account Opening, Deposits, Withdrawals, Interest Posting, Transfers, Standing Instruction etc.

Payment Types(displayed and set only when "Bonus / Reward Based On" is set to "Transaction Amount") List of payment types/channels for which this bonus is applicable.Optional.
Posted When(displayed and set only when "Bonus / Reward Based On" is set to "Account Balance") Specifies when the bonus is to be postedOptional.
Bonus / Reward CalculationWhether it is flat or a percentage of transaction or account balance.

Mandatory.

If percentage is selected, then "Bonus / Reward Based On" cannot be null.

Amount / PercentageAmount or percentage applicable for this bonusMandatory
Of

If "Bonus / Reward Based On" is set to "Account Balance" then dropdown will have

"Average Account Balance" and "Minimum Account Balance"

If "Bonus / Reward Based On" is set to "Transaction Amount" then dropdown will have

"Transaction Amount" - which will be defaulted

Optional. Dropdown.
CurrencySelect a currency for this bonusMandatory. Dropdown.

Security and Permissions

Following permissions needed:

Add, Update, View, Delete functionality for Bonus

Apply Bonus Manually

Apply Bonus Batch job

Mifos Functionality Enhancements

New Screens

  • New screens for maintaining the Bonus / Rewards
  • New screen for manually applying a Bonus to an account

Changes to Existing Screenst

  • Change Product screen to allow a Bonus or Reward to be attached to a product
  • Change Product screen to allow accounting entries i.e. allow a GL Account to be attached to all Bonuses and Rewards
  • Change Product screen to allow advanced accounting entries i.e. allow different GL Accounts to be attached to different Bonuses and Rewards
  • Change Deposit Account Screens to show a button (under "More") to "Apply Bonus / Reward"

Changes/Enhancements to Batch Jobs

  • Batch job needed to apply account balance based Bonuses

Changes/Enhancements to Accounting Entries

User interaction and design

  • New screen for maintaining the Bonus / Rewards



  • Product screen changes to allow a Bonus or Reward to be attached to a product


  • Product screen changes to allow accounting entries i.e. allow a GL Account to be attached to all Bonuses and Rewards


  • Product screen changes to allow advanced accounting entries i.e. allow different GL Accounts to be attached to different Bonuses and Rewards


  • New screen for manually applying a Bonus to an account

Exception Handling

Reporting

APIs

Notes

Questions

Below is a list of questions to be addressed as a result of this requirements document:

QuestionOutcome

Out of Scope