What is your opinion about third party product in banking

Question

Accepted Answer

Third party products in banking can provide additional services and benefits to customers.

Third party products can enhance the range of services offered by a bank.
They can provide specialized services that the bank may not have expertise in.
Examples of third party products in banking include insurance policies, investment products, and credit cards.
These products can help attract and retain customers by offering additional benefits.
However, banks need to carefully evaluate and select third party products to ensure they align with their customers' needs and the bank's overall strategy.
Proper due diligence should be conducted to assess the reputation and reliability of the third party provider.
Banks should also establish clear agreements and contracts with third party providers to ensure compliance with regulations and protect customer interests.
Regular monitoring and evaluation of third party products is necessary to ensure they continue to meet customer expectations and regulatory requirements.

Accepted Answer

Insurance, mutual funds,

Accepted Answer

TPP services as value addition for their customers

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