Product Manager, Work Place Banking at First Bank of Nigeria Limited

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.

We are recruiting to fill the vacant position below:

Job Title: Product Manager, Work Place Banking 

Ref No: 19000029
Location: Lagos
Schedule: Regular
Shift: Standard

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.

Application Closing Date
Not Specified.

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