Retail Banking Product Management

Oracle Revenue Management and Billing facilitates you to maintain and bill a variety of products and services for the retail banking domain. You can define the following types of products in the system:

  • Product

  • Product Group

As the name indicates, a product group is a group of products. A product group are maintained in the system mainly for the reporting purposes. You can define a product and product group which may belong to different product categories, such as Checking, Loans, Savings, etc. A product or product group must be associated with at least one division. You can associate a product or product group with more than one division.

The system enables you to add one or more product services in a product. A product service may include one or more services which are defined as price items in the system. You can define, edit, delete, and copy a product service using an existing screen named Product Service. You can add multiple product services in a product. The system enables you to indicate whether the product service is a mandatory or optional service offered with the product. A product must have at least one mandatory product service.

A product consists of one or more market products. For example, the Loan product can include different market products, such as Personal Loan, Auto Loan, Home Equity Loan, Education Loan, etc. An account can enroll for a market product. While creating a market product for a product, the system inherits the list of divisions and product services from the product. You can associate a market product with only those divisions to which the product belongs. By default, the market product includes the mandatory services of the product. You may or may not include the optional services of the product in the market product. You can define eligibility rules for a market product. The system executes the eligibility rule which is effective while enrolling an account for a market product. If the eligibility rule is met, the system enrolls the account for the market product. However, if the eligibility rule is not met, the system does not enroll the account for the market product. A market product must be associated with at least one price list. You can associate multiple price lists with a market product.

The system enables you to define an offer which can be included in more than one market product. For example, the Car Loan and Two-Wheeler Loan market products may provide same offers, such as No Processing Cost, No Collateral, etc. An account can enroll for an offer. While creating an offer, the system inherits the list of divisions and product services from all market products in which it is included. By default, the offer includes the mandatory services of the product. You may or may not include the optional services of the market product in the offer. You can define eligibility rules for an offer.

The system executes the eligibility rule which is effective while enrolling an account for an offer. If the eligibility rule is met, the system enrolls the account for the offer. However, if the eligibility rule is not met, the system does not enroll the account for the offer. An offer must be associated with at least one price list. You can associate multiple price lists with an offer.

The system enables you to define a bundle which can be included in more than one market product. For example, you can define a bundle of services, such as Car Loan, Loan Insurance, etc. in the Car Loan market product. An account can enroll for a bundle. While creating a bundle, the system derives the divisions which are common in all market products in which it is included. It also inherits the list of product services from all market products. By default, the bundle includes the mandatory services of the product. You may or may not include the optional services of the market product in the bundle. Here, you can include additional services which are not included in the product or market product. You can define eligibility rules for a bundle. The system executes the eligibility rule which is effective while enrolling an account for a bundle. If the eligibility rule is met, the system enrolls the account for the bundle. However, if the eligibility rule is not met, the system does not enroll the account for the bundle. A bundle must be associated with at least one price list. You can associate multiple price lists with a bundle.

A product, market product, offer, and bundle goes through a lifecycle in the system. On creating a product, market product, offer, and bundle, their status is set to Draft. On submitting a product, market product, offer, and bundle, their status is set to Active. A new batch named C1-PDTRN is introduced in this release. It transitions the status of a product, market product, offer, and bundle to Retired when its end date is earlier than the batch business date.

To implement this new feature, the following new screens are introduced in this release:

  • Product

  • Product Information

  • Market Product

  • Market Product Information

  • Offer

  • Offer Information

  • Bundle

  • Bundle Information

You can access these screens from the Retail Banking menu.

Parent Topic: Oracle Revenue Management and Billing Financial Services Business Processes