Managed Accounts and Value Packages

Managed accounts in Open Cloud MDM represent a significant functionality, especially in the context of managing value packages. These accounts are entirely managed by the Account domain and are pivotal in the efficient handling of bundled product offerings.

Concept of Managed Accounts

1. System of Record: A managed account functions as the primary record within the Account domain, ensuring comprehensive management and tracking.
2. Central Management: These accounts are fully managed within the Account domain, providing a centralized approach to account administration and oversight.

Managing Value Packages with Managed Accounts

• Bundling Products for Sale: Managed accounts are particularly useful for creating value packages, where multiple products are bundled together for sale. For instance, a bank can bundle a savings account with a checking account as a value package.
• Managed Account as Bundle Record: When a customer purchases a bundled package, the bundle is recorded as a managed account. This managed account encompasses the entire bundle, ensuring integrated management and tracking.
• Referenced Accounts for Individual Products: Individual products within the bundle, like the savings and checking accounts in the banking example, are stored as referenced accounts. These referenced accounts are linked to the managed account but are tracked separately.
• Up-Selling and Added Benefits: Value packages often serve as a means for up-selling. They are typically associated with additional benefits, like free overdraft protection in the banking example, creating an incentive for customers to purchase the bundle.
• Terms and Conditions Governance: The validity of a value package is governed by specific terms and conditions. For instance, a requirement that all accounts in the package must remain open to keep the value package valid.
• Ongoing Evaluation and Governance: The state of the bundled products is continually evaluated against the stipulated terms and conditions, ensuring ongoing compliance and validity of the value package.

In Open Cloud MDM, managed accounts offer a streamlined and centralized way to manage value packages. This approach not only simplifies the bundling and sale of multiple products but also ensures that the terms and conditions governing these packages are consistently upheld. Managed accounts, therefore, play a crucial role in the strategic offering of product bundles, enhancing both the efficiency of management and the attractiveness of the offerings to customers.