Creation of a new banking product and its life cycle stages

Abstract

The purpose of this research is to develop recommendations for a new banking product and to review its life cycle stages. The essence of the mechanism of creation of a new product, management tools and regulatory rules applicable by entities in the management and aimed at maximizing of revenue and offering new banking products are considered in this article. Problematic issues that arise when testing new products are disclosed. According to the results of  analysis of the issue of new bank products on the market it has been offered a variety of approaches to their testing, depending on the complexity and novelty of the new product. The  analysis of the product life cycle, which is issued to the market is carried out. Four stages of the product life cycle are proposed. Each of them has its specification. The classification of consumers of banking products, depending on their preferences is proposed.