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Job: VP, Consumer Product Officer, United Bank, Hartford, CT
VP, Consumer Product Officer
Hartford, CT 06103 United States
Only current U.S. residents will be considered
Bank Card Services/ATM
Banking & Information Technology
The VP Product Officer is responsible for the day to day development, management and execution of all consumer and small business/business banking product marketing strategies, campaigns and the annual product marketing plan. Under the direction of the Chief Marketing Officer, with a dotted line to the Head of Consumer Banking, the VP Product Officer will develop product-specific marketing strategies and deliver new product promotions and programs that meet the needs of the consumer banking, consumer lending and small business/business banking lending divisions to support company-wide goals and objectives. This position will be responsible for developing new products and re-engineering current products, pricing analysis, analyzing and monitoring market trends; as well as assisting in product line positioning. Responsible for the development and execution of specific consumer, small business/business banking deposit and loan products, including ongoing marketing support that ensures the competitiveness of existing products. Position will work closely with VP Digital Marketing and Brand Strategy to ensure alignment with overall marketing and brand strategy.
Essential Functions of the Position:
• Product Marketing Strategy and annual product marketing plan. Work with internal marketing team, consumer line of business leaders and external partners on the development and implementation of consumer product marketing strategy. Execute annual consumer product marketing plan focused on achieving the Bank’s goals and business line objectives through product-specific marketing initiatives to drive growth of consumer and small business/business deposit and loan products (DDA, Money Market, CD, HSA, mortgage, credit card, and other consumer and business loans). Recommend marketing tactics and promotional offers needed to achieve growth targets.
o Primary Objectives:
o Home equity line utilization
o DDA/Debit Card/Credit Card penetration
o Credit/Debit Card rewards development and implementation
o Debit card interchange revenue
• New Product Development. Collaborate with consumer banking line of business leaders and project teams on research, development and design of new products, services and promotional offers. Work with FP+A Team to build product revenue models, evaluate financial impact of new and existing products and recommend pricing strategies; develop go to market strategy.
• Product Marketing Deployment Once product marketing initiatives have been identified and built, work with marketing execution team to ensure proper deployment of programs.
• Cross Sell / Upsell / Customer Acquisition Marketing Development, deployment, and management of cross sell and acquisition initiatives through the bank’s retail and small business / business banking portfolio programs.
• Debit Card / Reward Marketing Development, deployment, and management of debit and credit card reward programs with the sole purpose of driving increased interchange revenue; achieving a 10% CAGR
• Product Campaign Development Work with both internal constituents in the marketing group as well as the Bank’s vendors to create and deploy digital and direct mail pre-selection, pre-qualification, and pre-approval programs.
• Marketing and Advertising Campaigns.. Work with internal marketing group, advertising agency, and/or outside vendors on development and implementation of product specific campaigns as well as media selection and placement. Ensure that all campaign assets meet regulatory compliance standards.
• Campaign Analytics and Reporting. Track success; analyze results and make adjustments to all product marketing programs (including direct mail) to maximize results. Develop and report on ROI model and KPI success rates.
• Market Research/Competitive Pricing. Reviews competition with regard to rates, special offers and product/price comparisons; provides reporting and analysis on United Bank relative to industry peers.
o Participates as a member of the Executive Pricing Committee; recommend pricing strategy
o Analyze customer use of deposit products and services; analyze impact of pricing changes on deposit portfolio
OTHER FUNCTIONS OF THE POSTION:
All employees are subject to the requirements of the United Bank BSA Program. An employee’s role with United Bank determines which parts of the program apply. However, all employees are responsible for reporting suspicious activity identified in the course of their work, and all employees are responsible for the timely completion of mandatory compliance training assigned, such as BSA and OFAC.
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The above duties may not be all-inclusive. The incumbent may be asked or required to perform other work as time and abilities allow.
Distinguishing Characteristics of the Position:
Judgment: Work is performed under the general direction of the Chief Marketing Officer, in partnership with Consumer Banking leaders, and in accordance and compliance with Bank policies and government regulations, requiring considerable judgment and initiative in planning and overseeing the marketing execution of the Bank’s consumer and small business product strategy.
Complexity: Work involves responsibility and management of consumer and small business marketing and advertising campaigns; involves significant analytic work to develop models and determine probable success rates of marketing programs and campaigns.
Impact of Errors: Errors of judgment are very difficult to detect and may result in considerable expense, financial loss, reputation risk and damage to the Bank through poor decisions and recommendations which could have a serious effect on the Bank’s profitability.
Interpersonal Relationships: Work involves frequent contact with peer partners, senior management, auditors, external advertising and marketing partners, and other related vendors, requiring persuasiveness, discretion, initiative, and diplomacy.
Supervisory Responsibilities: No supervisory responsibilities
Education: Bachelor’s degree, preferably in marketing or business administration or related work experience.
Experience: Ten or more years of progressively responsible positions in a financial product marketing environment. Experience with a consumer banking, small business and business banking (deposit and loan) product focus, including product development and product promotions. Experience developing and managing products and campaigns which result in new deposit account acquisition, deposit generation, card penetration and loan originations. Ideal candidate will have extensive knowledge of consumer and small business/business banking products and product development as well as broad, multi-channel marketing knowledge and experience with email acquisition campaigns, and direct marketing as well as a demonstrated ability to engage current customers and drive acquisition of new customers.
Knowledge, Abilities, and Skills:
• In depth understand of product marketing for consumer, small business and business banking deposits and loans; as well as deposit pricing and consumer loan originations.
• Proven hands-on success in driving DDA and card penetration rates, interchange revenue and line utilization rates as well as product development and acquisition efforts.
• Strong analytical and project management skills.
• Strong oral and written communication skills.
• Ability to independently manage multiple projects and internal clients with changing priorities and meet deadlines in a dynamic, deadline-driven, high stakes environment
• Ability to work with senior management and partner with business leaders and department peers
• Ability to manage small to large projects end-to-end.
• Intermediate proficiency with Microsoft Excel for managing data and performing quantitative analysis.
• In depth understand of digital advertising, direct mail, deposit pricing and deposit productions
Physical Requirements: Mobility to travel to various Bank and vendor locations for presentations, meetings and training. Ability to stand or sit for extended periods. Ability to communicate both clearly and concisely.
Desirable Qualifications for the Position:
• Proven experience driving interchange revenue, DDA/Card penetration, line utilization and product development.
• Proven ability to measure, evaluate and adjust to improve campaign or program performance
• Solid understanding of databases and related CRM technologies
• Experience-based expertise in producing and executing product marketing strategies, action plans and generating performance reports
• Up-to-date with the latest trends and best practices in ROI analysis, Key Performance Indicators measurement
• Demonstrated experience with market segmentation, target marketing and Email/direct mail marketing campaign execution
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