Product Categories

A product category is a group of products that an institution considers similar in some way. User-defined product categories are grouped into product category types. Product category types are system-defined values that correspond to a line of business (such as Consumer, or Small Business) and represent the types of product categories that Origination Manager supports. For example, for the Consumer product category type, you could have two product category names (such as consumer cards and corporate cards), and each of those could list MasterCard, Visa, and American Express as products under the category names. For the Small Business product category type, you could select Line of Credit as the category name.

The product category type is required when defining a product because it filters the names listed in the Category drop-down list on the Products > Create Products and Products > Edit <Product Name> pages.

The Origination Manager Consumer and Small Business templates are preconfigured with a Consumer and Small Business product categories that are based on the corresponding product category type. Having this two-level definition allows system administrators to correlate rules and strategies in two different ways. Using FICO Application Studio Designer, you can write rules based on a product category that only apply to a single line of business (for example, Secured Consumer Cards), or you can write rules based on the more general product category type (for example, Consumer, or Small Business). You cannot extend the product category types; instead, you define new product categories.

Use the Application Processing Module to manage product category details for all offered loan types (the possible types that can apply to a loan, for example, principal plus interest, deferred, single-pay, or balloon). Administrators with the proper permissions can create, modify, activate, deactivate, and delete product categories from the system.

Note: When integrating with the Decision Module, the product categories defined in the Application Processing Module must match the product categories in the Decision Module.

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