Product Platform
Open architecture product platform is where a private bank distributes all the third party products and is not restricted to selling only its proprietary products. Closed architecture product platform is where the bank sells only its propriety products and does not entertain any third party product. These days the needs of the clients are so diverse that it is practically impossible for a bank to cater to those needs by its proprietary products alone. Clients today demand the best of breed products and most banks have to follow an open architecture product platform where they distribute products of other banks to their clients in return for commission.
Read more about this topic: Private Banking
Famous quotes containing the words product and/or platform:
“A gentleman opposed to their enfranchisement once said to me, “Women have never produced anything of any value to the world.” I told him the chief product of the women had been the men, and left it to him to decide whether the product was of any value.”
—Anna Howard Shaw (1847–1919)
“The use of literature is to afford us a platform whence we may command a view of our present life, a purchase by which we may move it.”
—Ralph Waldo Emerson (1803–1882)