Banking · Product Development Process

Consider the following statements regarding the Product Development Process in commercial banking: Statement 1: In a highly competitive digital banking landscape, the screening stage is often compressed to ensure that the bank can launch multiple new products per financial year to maintain its market share against aggressive Neo-banks. Statement 2: Technical development of a product must occur in a siloed environment where developers are strictly prohibited from interacting with marketing or customer service teams to prevent 'feature creep'. Statement 3: When conducting Test Marketing for a new 'Micro-SME Loan', a bank should select a region that is completely unrepresentative of its overall national target market to safeguard its primary high-revenue zones. Statement 4: The concept of 'Idea Generation' has become obsolete because Artificial Intelligence models can predict customer needs with 100 percent accuracy, allowing banks to skip directly to Business Analysis. Statement 5: During the commercialization phase, the bank must ensure that product support and grievance redressal mechanisms are fully functional, as per the RBI's Integrated Ombudsman Scheme, which mandates a response to customer complaints within a maximum of 30 days. Statement 6: The 'Business Analysis' phase is the only stage where a bank is allowed to interact with the Reserve Bank of India to seek clarity on regulatory hurdles. Statement 7: If a bank finds that a product's Net Present Value (NPV) is negative during the Business Analysis phase, it must still proceed to the Product Development stage if the product has high social capital value. Which of the following statements is correct?