Banking Product Classification

If a bank has to classify its product offer, Banking Product Factory for Enterprise has an inbuilt feature, accessible through the Banking Product Classification menu item, which allows you to manage classification items. Once defined, a product classification can be attached to different products, and then the contracts based on these products further inherit the same classification. Banking product classification has no business functionality implications, being intended only for the bank's internal segmentation needs.

Adding Product Classifications

1. Log into Innovation Studio in Developer mode.
2. In the main menu, expand Product Factory.
3. Click Banking Product Classification to open the Banking Product Classifications List page.
   Here you can add a new classification by clicking the Insert button, or delete an existing classification by clicking the Delete button on the right.
4. Click Insert and fill in the following fields in the newly displayed Add Product Classification page:
   

Field	Required	Data type	Description
Classification Type	Yes	Lookup	Select the type of classification for the new banking product classification record.
Name	Yes	Text	Insert a name for the new classification item.
Is Default	Yes	Boolean	If this checkbox is selected, then this becomes the default banking product classification item.
Code	Yes	Text	Insert a unique code for the new classification item.
Valid From	Yes	Invariant Date	Select the date from which the product classification item is valid.
Valid To	Yes	Invariant Date	Select the date until when the product classification item is valid.

5. Click the Save and Reload button at the top right corner of the page.
   

The Banking Products Classification Section is displayed after saving the classification item record and allows you to insert existing banking products that will be classified with this new classification item. The following information is displayed here:

Field	Details
Code	The code of the banking product added to the product classification item.
Name	The name of the banking product.
Class	The class of the banking product.
SubClass	The subclass of the banking product.
Category	The category of the banking product.
SubCategory	The subcategory of the banking product.
Status	The status of the banking product record.

The Contract Classifications Section is displayed after saving the classification item record and allows you to insert existing contracts that will be classified with this new classification item. The following information is displayed here:

Field	Details
Contract	The number of the contract using this classification.
Code	The code of the classification item.
Name	The name of the classification item.
Classification Type	The type of the classification.
Valid From	The date from which the classification item is valid.
Valid To	The date until which the classification item is valid.