Posted on Sat 06th Nov, 2010 - hotnigerianjobs.com --- (0 comments)

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Stanbic IBTC Bank: Head - Product Innovation - Lagos Stanbic IBTC Bank is recruiting for Head - Product Innovation

Job Title: Head,  Product Innovation

Job ID: 6204
Location:  Nigeria – Lagos
Division:  Personal and Business Banking
Position Category:  Customer Relationship Management
Employment Type:  Full Time - Permanent

Position Description

MAIN PURPOSE OF THE JOB:
To strategically build and implement a successful product roadmap for Stanbic IBTC Bank.  Identify and create new / compelling product opportunities for the bank and see them through the incubation process, as well as market acceptability.

KEY RESPONSIBILITIES:
Develop a Vision, Mission, Strategy and plan for the innovation of  products
Implement and manage strategies
Providing a secure, efficient, competitive and comprehensive range of services and products.
Implementing the overall objectives, philosophies, policies and budgets approved by the bank for the unit.
Manage the product ideation, inception and incubation processes
Manage the product pilot process
Understand and analyze the competitive landscape and risks of each product idea
Monitor industry, market statistics and competitor trends in order to ensure strategic plans on market share are achieved
Develop and manage a prioritization process for determining the progress of new product ideas.
Collate and interpret management information on productivity and profitability across products.
Develop pricing and market penetration plans for each new product
Enhance existing products to maximize product profitability, customer satisfaction and retention.
Continuously review and redesign existing products as and when necessary to ensure the bank is always a step ahead of competition.
Develop in conjunction with stakeholders (IT, Operations, Legal … etc), operational requirements / procedures for each product.
Oversee the Product Management process
Research, assess and implement local and international best practices.
Explore opportunities to develop new business in line with the bank’s business development strategy.
Build bundles of products in order to take advantage of cross sell and up sell opportunities.
Review actual product performance against strategic and financial plans and take appropriate action to achieve objectives.
Develop and continuously review integrated financial and management information systems designed to assist all levels of management throughout in planning and controlling their operations in relation to objectives.
Liaising with all relevant stakeholders and ensuring the appropriate pricing structure for all products and services rendered to achieve the overall revenue return desired by the bank.

Internal Processes
Support the relevant stakeholders in the constant evaluation and upgrading of all processes to achieve the Products objectives (i.e. Superior Customer Service, Cost to Income Ratio’s etc.)
Ensuring procedures, systems and reports are developed, defined and continuously reviewed to facilitate decision-making.

Reporting
Submitting to the exco, the most recent month-end statements concerning product performance and commenting on performance against financial plans and agreed targets.
Submitting to the exco on an annual basis, a business plan that incorporates a sales plan.

People Management
Ensure that appropriate product training and development programmes are implemented in all branches.
Conducting appraisal interviews of immediate subordinates on a half yearly basis.
Ensuring appropriate personnel records are maintained.
Ensure staffing at optimal levels to provide superior customer service
Manage staff growth through appropriate training, exposure and mentorship.
Ensure leadership opportunities, especially for high potential employees.
Ensure that all staff are justly rewarded for performance.

KEY DIMENSION OF THE JOB:
Responsible for the Product Innovation team

KEY PERFORMANCE MEASURES:
Development of a strategy and vision
Development and implementation of new products and services
Enhancement of existing products for optimal return, customer satisfaction and retention.
Meeting and exceeding set performance budgets / targets
Development and maintenance of a scorecard
Best practice management

IMPORTANT RELATIONSHIPS:
Build sound relationships with product owners, Directors and key personnel within the Stanbic IBTC Group.
Ensuring there is adequate communication and exchange of ideas between all stakeholders and channels.

PROBLEM SOLVING, PLANNING AND DECISION MAKING:
Problem solving:
Must have the ability to analyse a wide range of problems relating to diverse areas of the business.  Specific knowledge and experience is applied to each in search of solutions.
Creative thinking, sensibly related to the problem is often required to reach a novel solution.
Complex and contradictory clues often require intensive investigation and the careful evaluation of specialist advice to ensure that the decision taken supports the objectives of SIBTC and the Standard Bank Group.

Planning:
Strategic plans are drawn up for a 3 to 5 year period and are reviewed at least twice yearly utilizing research on where the industry is going both locally and internationally.
Action plans for the department (in support of the strategy) are developed annually and reviewed monthly.
Development and review plans are developed for specific products

Decision making:
A wide range of decisions are constantly required across the area’s of: -

Finance        - i.e. What advertising should be done
Processes    -  i.e. New systems to enhance product fulfillment and customer retention
People         -  i.e. Who to employ, promote. Number of resources required
Customer     -  i.e. Based on research of client needs which products to develop / enhance.
In consultation with stakeholders decide on product pricing and benefits

Required Skills and Qualifications

QUALIFICATION:
Minimum of  B.Sc in any Social or Management Science course
MBA an advantage

EXPERIENCE:
An understanding of the interaction between the strategic and operational management of a business coupled with the banking industry.
A minimum of 5 years industry related managerial experience.
Exposure to retail banking, finance and insurance would be an advantage.
Good knowledge of market research methodologies.
Good knowledge of the Banking Industry
Proficiency in the use of MS Office Suite -  Power Point and Excel … etc.
Required Competencies
PERSONAL COMPETENCIES:
Flexible/Adaptable
Holistic/Customer Focused
Initiative/Inquisitive/Innovative
Perceptive/Alert
Positive/Able to handle pressure
Proactive
Sincere/Ethical
Leader/Future Vision
Assertive/Competitive
Motivated/Confident
Excellent Inter Personal Skills
Prepared to challenge the process
Change Agent
Articulate
Strong influencing and persuasive skills

CUSTOMER COMMITMENT DRIVERS:
THE BANK IS ALSO COMMITTED TO PROVIDING EXCELLENT SERVICE AND EMPLOYEES ARE REQUIRED TO ALIGN THEIR BEHAVIOR TO THE FOLLOWING CUSTOMER COMMITMENT DRIVERS:
Simplified baking:
Banking that is simple to use and simple to understand, or a simple account for all my needs

Competence:
Competent and reliable staff that are honest and trustworthy.

High customer regard:
Unconditional positive regard for customers – a sincere appreciation and recognition of who a customer already is and the life he/she chooses to live. It gives the customer a sense of pride, worthiness and dignity. “Make me feel proud of who I am and how I choose to do things”.

Promptness:
Prompt service performed right the first time and prompt query/complaint resolution.

Bank leadership:
Banking that is technologically advanced, innovative in introducing new ideas, and is modern and progressive.
We are an equal opportunities employer and are totally opposed to discrimination in any form. It is our policy to provide equal employment opportunities for all employees regardless of race, sex, colour, nationality, national or ethnic origin, sexual orientation, marital / partnership status, religion, age or disability.

How To Apply
Click here to apply online

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