New Product Development – A Big Challenge and a Potentially Big Reward

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After the Great Recession began, most financial institutions focused on survival and not on innovation. Now that the economy seems to be stabilizing, thoughts have begun to turn to new ways to increase the top line. New Dodd-Frank Act restrictions make this ever more difficult, but successful bankers continue to explore new product opportunities.

The development of a new product for a bank or other financial institution typically requires careful coordination among the bank’s finance, marketing, systems and legal areas, and usually requires buy-in from senior management and the board of directors. The following are some of the areas a bank (and its holding company) should consider before proceeding.

Originally published in Western Independent Bankers’ Western Banker magazine on May 30, 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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