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:
“The UN is not just a product of do-gooders. It is harshly real. The day will come when men will see the UN and what it means clearly. Everything will be all right—you know when? When people, just people, stop thinking of the United Nations as a weird Picasso abstraction, and see it as a drawing they made themselves.”
—Dag Hammarskjöld (1905–1961)
“Do you know I believe that [William Jennings] Bryan will force his nomination on the Democrats again. I believe he will either do this by advocating Prohibition, or else he will run on a Prohibition platform independent of the Democrats. But you will see that the year before the election he will organize a mammoth lecture tour and will make Prohibition the leading note of every address.”
—William Howard Taft (1857–1930)