Final answer:
When you select Create New Customer, a customer record is created documenting basic customer information. Additional records like contact, collateral, covenant, relationship, session, and loan may also be generated to manage various aspects of the customer's dealings with the organization.
Step-by-step explanation:
When you select Create New Customer in a customer relationship management (CRM) or banking system, several records are typically created to capture all the relevant information about the new customer and to set up the necessary structures for managing the customer's interactions with the organization.
The primary record created is the customer record. This record stores all the basic information about the customer such as name, contact details, and other personal or organizational information.
A contact record is often created alongside the customer record. This includes specific contact persons associated with the customer, along with their titles, phone numbers, emails, and interaction history.
If applicable, a collateral record might be established to document any assets that the customer pledges as security for credit purposes.
A covenant record may be generated to record any agreed-upon terms or conditions that are part of credit agreements.
The relationship record is used to track the overall relationship with the customer, including linkages to other records, accounts, or contacts within the organization.
A session record could be generated each time the customer interacts with the system, documenting the details of the interaction.
Finally, a loan record might be created if the customer is opening a loan account, detailing the terms, payment schedules, and other relevant loan information.