Chrome Consultants

Financial Products, Services Development & Regulatory Issues

Programme description & objectives

In view of the very tough and highly competitive business environment in which Nigerian Banks operate, licensed financial institutions are compelled to craft business survival strategies through the offering of cutting-edge products and services with the aim of making profit while delighting their customers. Unfortunately, these offerings have attracted a large number of complaints ranging from poor service delivery to ethical issues. This necessitated the need for an arbiter to adjudicate on complaints to resolve them amicably. The programme is targeted at regulators responsible for consumer complaints resolution, who act as an independent statutory body representing consumer interests in the development of financial service regulations. It is important for officers to understand product/service development processes as well as the regulator’s role as an umpire to ensure compliance within regulatory guidelines.

Venues, Dates & Cost

VenuesDublinLondonDubaiEdmonton (CAN)Lagos/Abuja
DatesTBDTBDTBDTBDTBD
Cost$4,000 per participant (USD)(=N=)

For Whom

  • Monetary regulatory staff of Central Banks
  • Chief Risk Officers and Heads of Risk Management
  • Market, credit and operational risk specialists
  • Regulators, auditors and supervisors
  • Forex Managers, Hedge Funds Executives, & Financial Engineers

The Process of Financial Products & Services Development

  • Module 1 – Evolution of New Financial Product/Service Offerings
    • The Nature & Sources of Innovation
    • The Role of Information and Knowledge in Innovation
    • External Sources of Innovation
    • Stakeholders As Triggers of Innovation Process
    • The Place of Balanced Scorecard in Financial Products/Services Innovation
  • Module 2 – The Process of Developing New Financial Products & Services
    • Assessment of the Stakeholders’ Environments
    • Models of Financial Service/Product Development
    • New Financial Service/Product Developmental Stages
    • Adoption of New Products & Services
    • Consumer Uncertainty About New Products & Services
    • The Theory of Reasoned Action
  • Module 3 – Managing the New Product Development Process
    • Organising for Innovation
    • Informal Networks and Networking in the Innovation Process
    • The Innovation Champion
    • Skunkworks
    • Bureaucracy
    • The Work Environment
    • Innovation as a ‘Journey’
    • Innovation as a Social, Political and Emotional Process
  • Module 4 – Packaging New Financial Products & Services
    • Branding New Financial Product/Service Offerings
    • Terms and Conditions
    • Warrants and Liabilities for Services Failure
    • Post-Sales Customer Service
    • Special Products with Unconventional Sweeteners
    • Issues with Lotteries, Prepaid Cards, Electronic Money, Bank Account, OTC, & Derivatives
    • Key Regulatory Issue Arising from Banking Beyond Branches
  • Module 5 – Marketing Communication & Product/Service Launch
    • Forecasting, brands and the emergence of social networks
    • The importance of social networking and market launch
    • The centrality of branding and new product launch
    • Product/Service Launch Criteria
    • Effective communication of Key Features of New Financial Products and Services

Regulatory Issues in the Development of New Financial Products & Services

  • Module 6 – Key Areas for Regulatory Scrutiny and Governance
    • Regulatory Guidelines for New Product/Service Offerings
    • Financial Product/Service Governance
    • Target Market Definition
    • Product Features & Complexity
    • Pricing Terms
    • Transparency
    • Distribution Channels Support
    • Service Level Agreement
    • Risk Assessment
    • Legal and Contractual Issues
    • Organizational Policy
    • Product/Service Authorisation
  • Module 7 – Operational Risk & Business Continuity
    • Logistics
    • Accounting Issues with regards to IFRS
    • Human Capital Capability
    • Business Continuity Arrangement
    • Information Technology Platform and Control Mechanism
    • Limits of Retail Outlets
    • Infrastructural Requirements
    • Branchless Banking
  • Module 8 – Ethical & Financial Integrity Issues
    • Ethics in Designing and Delivering New Financial Products and Services
    • Financial Integrity
    • Balancing the Dual Objectives of Identification and Traceability
    • KYC and AML
    • Case Study – Bankers Trust Vs its Clients
  • Module 9 – Consumer Protection & Conflict Resolution
    • Consumer Activism and Resistance
    • Consumer Adoption of Technology
    • Protecting All-Consumers, Not Just Banked Cushion
    • The Concept of Implied Agency
    • Regulator’s Dilemma
    • Financial Inclusion Vs Financial Exclusion
  • Module 10 – The Regulatory Balancing Act
    • Enabling Innovation
    • Controlling Risk
    • Flexible Branch Regulation
    • Banking Agent Regulation
    • Consumer Protection Regulation
    • Tiered KYC
    • Creation of Regulatory Space for Class of Non-Banks (e-money)
    • Case Studies of Regulatory Interventions (Canada, Belgium, Denmark, France, Italy, EU)