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Product Manager, Community Banking At First Bank Of Nigeria Limited

Date Posted: 02/Apr/2019
Deadline: Not Specified

First Bank of Nigeria Limited (FirstBank) is Nigeria's largest financial services institution by total assets and gross earnings. With more than 10 million customer accounts, FirstBank has over 750 branches providing a comprehensive range of retail and corporate financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone and FBNBank Senegal, as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi.

Product Manager, Community Banking

Job ID: 1900002b
Location: Lagos
Organization: DMD Directorate
Schedule: Regular
Shift: Standard
Job Type: Full-time
 
Job Objective(s)

  • Deepen the Bank’s share of wallet on the Asset and Liability products business of the Community Banking Market segment through development and launch of bespoke products.
  • Facilitate the diversification of asset revenue and liability generation through the rollout of new and best priced Asset Products to the segment through all touch points.
  • Develop and implement marketing strategies for effective Asset and liability Product sales to the segment through the bank’s distribution channels.

Duties & Responsibilities

  • Responsible for driving Community Banking Asset and liability products performance to ensure that products targets for the segment are met
  • Research competition product offerings and make appropriate recommendations for improvements to ensure that the bank’s Asset and liability product offerings maintain their competitive advantage.
  • Identify market opportunities in the segment and launch additional Asset and liability Products.
  • Generate ideas for the development of new Asset and liability Products or improvement of existing products
  • Contribute to strategies for the creation of Asset to grow the bank’s total Asset Portfolio
  • Contribute to strategies to increase Asset Products uptake in the Bank for the segment
  • Ensure that assigned Asset and liability Products (new & existing) meets and conforms with regulatory requirements
  • Work closely with M&CC, SBU and other stakeholders to ensure managed FirstBank’s Asset products are highly visible in the market.
  • Develop & implement strategies for the effective monitoring/tracking of managed Asset Products
  • Develop & implement strategies that will ensure that all LADs are of good quality
  • Intelligence/Information gathering on product(s) being managed
  • Relationship Management
  • Initiate promotional activities/schemes to reward loyal customers and at the same time increase the market share in terms of deposits.
  • 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.
  • Develop promotional materials for assigned products and events to support the marketing of products by the customer facing SBUs
  • Develop and send out regular product tips on assigned products to improve product knowledge and aid overall product performance
  • Work with RMs/BMs to ensure effective and coordinated sales of assigned asset and liability products bank-wide.
  • Go on joint marketing calls with RM/BM/BDMs
  • Ensure that assigned asset products have NPLs within tolerance level (currently 5% of the total products portfolio)
  • Ensure the profitability of assigned asset products
  • Establish new relationships and pass it on to appropriate SBUs
  • Carry out periodic (monthly, quarterly & annual) product reviews to track assigned products performance across the SBUs in the bank and across the industry
  • 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 User’s Acceptance Test (UAT) sessions and ensure that test results conform with approved products terms and conditions
  • Ensure that assigned new products are launched within approved time frame
  • Manage assigned products life cycle, from inception to launch, to evaluation/refinement and make necessary recommendations
  • Act as a clearing house between the market facing SBU & the various SRFs for effective product knowledge/sales.
  • Carry out other responsibilities as assigned by the Head, Community Banking
  • As part of the Bank’s Information Security requirements, maintain the security of all Information entrusted to the staff and comply with the principles and policies in the Information Security Handbook

Challenges:

  • The requirements for support from staff, procedures and systems to ensure take up by clients
  • Highly risky but profitable market segment.
  • Product knowledge gap amongst customer facing operation staff (Tellers, CSOs) and Relationship Managers.
  • Obtaining adequate/specific information on competition’s product performance, terms & conditions, pricing etc.

Planning

  • Macro: 1 Year Micro: 1 month

Expenditure Budget

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

Key Performance Indicators

  • Number of successful products developed vs. target
  • Total Net Revenue from assigned Asset Product
  • Budget Variance of assigned Asset Products
  • Total Net Revenue from Liability Products
  • Budget Variance of Liability Products
  • Liability Products Balances
  • Profit before tax
  • Banking Products Asset Balances
  • Level of success from product implementation
  • External Customer Satisfaction Survey
  • Internal Customer Satisfaction Survey
  • Product Awareness Rating
  • Product Launch to Market Niche
  • Product defect rate
  • Human capital return on investment
  • Audit Defect Rate

Job Requirements
Education:

  • Minimum Education: First Degree, higher degrees MBA/professional certifications will be an added advantage

Experience:

  • Minimum experience – three years of general banking experience

Key Competency Requirements
Knowledge:

  • 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
  • Knowledge of Bank’s Loan originating & management application system

Skill/Competencies:

  • Credit Assessment and Structuring
  • Marketing/ Sales
  • Business/Product Development
  • Customer Relationship Management
  • Financial Analysis
  • Data Gathering and Analysis

Method of Application

Interested and qualified? Click the Apply now button to send your application

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