Managing Interests

Interests are set up independently from the banking products. They are available in banking products in the form of interest lists, after they have been grouped together based on their use.

Interests

You can create and update interests and apply them to a product in the Interests menu available through the Product Factory. There are three main types of interests: fixed, base and variable. Banks can set up variable interests for loans and also calculate the amount each customer has to pay.

The following picture illustrates how the interests can be shown in a loan origination customer journey:

To manage interests, follow the steps below:

  1. In the main menu, click Product Factory > Banking Product Dimensions > Interests, and the Interest list page opens.

  2. On the Interest List page, you can add new interests or search, edit, and delete existing ones.

The Edit Interest page allows you to configure interest settings.

NOTE  
Read about how and when to use each interest type on the dedicated Interest Definition Best Practices page.

Interest Lists

An interest list allows you to group multiple interests into a collection of interests that you can use in a banking product. You can group under the same umbrella the following types of interests created individually in the Interests: variable interest, base type and fixed interest.

To manage interest lists:

  1. In the main menu, click Product Factory > Banking Product Dimensions > Interest List, and the Interest List list page opens.
  2. On the Interest List list page, you can add new interest lists or search, edit, and delete existing ones.

Filter Interest

You can define filtering criteria for your interests and commissions which you can later on call in your banking products.

To manage filtering criteria, follow the steps below:

  1. In the main menu, click Product Factory > Banking Product, and the Product List page opens.
  2. Select the product where you want to add the filter.

  3. In the Dimensions tab, insert or edit an interest or a commission.

  4. In the Interest & Commission Item Filters section, click Insert, and fill in the following fields:

    • Filter: Select a filter created in the Product Filter.

    • Value/ Date: Select the beginning value/ date for the filter.

    • Until Value/ Until Date: Select the maximum value/ date for the filter.

    • Description: This field is automatically filled in after the Save and Reload button is clicked. The values/ dates inserted above are turned into an expression.

    For Lookup attributes, the following fields are available:

    • Filter: Select a filter created in the Product Filter.

    • Option set: Automatically filled in with the option set name created for the attribute.

    • Description: Add a description if needed.

    • grid of options: This field is automatically filled in after the Save and Reload button is clicked. The values of the option set are displayed. Select the checkbox for the values you wish to include in the filter.

  5. Click the Save and Close button.