Product Manager, Work Place Banking at First Bank

Ref No: 19000029
Location: Lagos
Schedule: Regular
Shift: Standard
Job Type: Full-time

Job Objective(s)

• To implement strategies and initiatives that expand product offerings to newly identified consumer groups
• Acquisition of employee salary account mandate
• To cross sell Workplace Banking to Corporates and Commercial clients
• To grow the Bank’s consumer loan and deposit portfolio for the segment
• To ensure optimal profitability of the target market while also implementing related credit
• Drive product uptake and increase share of the wallet as well as increased Top of the Mind Awareness (TOMA)
• Profit generation
• To ensure the bank remains competitive as regards consumer products offering, seize any new opportunities in the Retail Lending Market and build loyalty amongst target customer
• Product development and management
• External and internal resource management
• Cost control management and income maximization
• Business retention.

Duties & Responsibilities

• Manages and supports existing business relationships while sourcing additional business prospects.
• Researches to identify prospective employees of corporations.
• Actively guides the efforts of the sales force
• Develop and implement marketing strategies to promote products and services within the boundaries of approved budget
• Serves as an advisor and business partner to the sales force
• Conduct product training on workplace banking products
• Maintains and submit reports for business development activities as well as management reporting.
• Responsible and accountable for risk management of his/her business
• Work with the SBUs to identify new markets that present opportunities for business
• Consistently review the existing Products (monthly, Quarterly and Annually)
• Attend and make presentations at various SBUs monthly/quarterly performance review sessions
• Attend joint marketing calls with relevant BUs to provide adequate product and marketing support, products and events to support the marketing of products by the customer facing SBUs
• Ensure the profitability of existing and new products.
• Ensure that all consumer asset products have NPLs within tolerance level (currently 5% of the total products portfolio)
• Work with CAP, CRM, CAM, Operations, IT and other SRFs to ensure effective deployment of resources to support market facing SBUs for effective products sales
• Attend and supervise User’s Acceptance Test (UAT) sessions and ensure that test results conform with approved products terms and conditions
• Oversee Consumer Products life cycle, from inception to launch, to evaluation/refinement and final withdrawal.
• Carry out other responsibilities as assigned by the Head, Personal Banking 
• Develop & implement strategies for the effective monitoring/tracking of Products 

Products:

• Work closely with M&CC, SBU and other stakeholders to ensure FirstBank’s Consumer products are highly visible in the market.
• Initiate promotional activities/schemes in conjunction with reputable auto & equipment vendors that are aimed at selling these products in a smart and creative manner.

Challenges:

• Building reliable customer details database for revolving product lifecycle
• Obtaining information on competing products
• Lack of feedback channels, especially to regulators.
• Lethargic Information Technology support
• Unsatisfactory work condition
• Uncertainties in profitable market segment.
• Product Knowledge gap amongst business units and customer facing operation staff.

Planning:

• Macro: 1 Year Micro: 1 month

Expenditure Budget:

• Key financial/statistical measures of your organizational unit
• Number of staff: Currently 3
• Staff costs:
• Costs that you control:
• Income that your Division generates (if any):
• Net Revenue:

Key Performance Indicators:

• Number of salary accounts opened
• Volume of Consumer Products
• Profit before tax
• Consumer Liability Balances
• Asset Quality
• Number of Principals with banked value chain
• External Customer Satisfaction Survey
• Internal Customer Satisfaction Survey
• Human capital return on investment
• Audit Defect Rate.

Job Requirements
Education:

• Minimum of a First Degree; Higher Degrees /MBA/professional certifications compulsory

Experience:

• Minimum experience: 8 years of general banking experience

Key Competency Requirements
Knowledge:

• Extensive knowledge of competitor products and their application
• Banking structure, policies and procedures.
• Core Business Processes
• Data Gathering and Analysis
• Regulatory Compliance
• Banking Operations
• Extensive knowledge of First Bank’s services/products
• Relationship management.

Skill/Competencies:

• Ability to evaluate needs of customers, and determine what products or service would best serve those needs
• Interpersonal skills
• IT and Computer appreciation
• Communications skills (written and oral)
• Selling and marketing skills
• Must be self-solution driven, proactive and have acceptable knowledge of the business environment
• Attention to details
• Reasoning and Analytical Skill.
• Performance Measurement & Assessment Skill
• Supervisory skills.