Head of Retail Banking Products

KEY RESPONSIBILITIES

1. Strategic Leadership & Vision

• Formulate and execute a comprehensive long-term product strategy for the retail banking division aligned with National Bank of Oman's corporate vision and market positioning
• Identify emerging market trends, customer needs, and competitive threats to proactively develop innovative product solutions
• Collaborate with C-suite executives to ensure product strategy supports the bank's growth objectives and enhances market share in key customer segments
• Lead strategic initiatives that differentiate the bank's retail offerings in Oman's competitive banking landscape

2. Product Development & Lifecycle Management

• Oversee the end-to-end product lifecycle from concept development and business case creation through launch, growth, maturity, and retirement
• Establish robust product development frameworks and governance processes that balance innovation with risk management
• Lead cross-functional collaboration with technology, operations, risk, compliance, and customer experience teams to deliver integrated product solutions
• Implement agile methodologies to accelerate time-to-market while maintaining quality standards
• Conduct regular portfolio reviews to optimize the product mix and ensure alignment with evolving market conditions

3. Financial Performance & Commercial Acumen

• Drive sustainable revenue growth, profitability, and market share across the retail banking product suite
• Develop comprehensive business cases for new product initiatives with clear ROI projections
• Implement sophisticated product-level P&L tracking and performance analytics to identify optimization opportunities
• Design competitive yet profitable pricing strategies based on thorough market analysis and customer value propositions
• Establish key performance indicators (KPIs) and conduct regular performance reviews to ensure financial targets are achieved

4. Customer & Market Intelligence

• Leverage data analytics and market research to gain deep insights into customer needs, behaviors, and preferences across different segments
• Implement voice-of-customer programs to incorporate customer feedback into product enhancement initiatives
• Conduct comprehensive competitive analysis to benchmark the bank's offerings against local and regional competitors
• Identify untapped market opportunities and underserved customer segments to drive product innovation
• Collaborate with customer experience teams to ensure products deliver exceptional customer journeys

5. Risk Management & Regulatory Compliance

• Ensure all retail banking products adhere to Central Bank of Oman regulations and international banking standards
• Partner with legal, compliance, and risk functions to develop robust risk assessment frameworks for new product initiatives
• Implement appropriate controls and monitoring mechanisms to mitigate operational, credit, and reputational risks
• Stay abreast of regulatory changes and assess their impact on existing and planned product offerings
• Represent the product function in regulatory discussions and compliance reviews

6. Digital Transformation & Technology Integration

• Champion digital-first product design principles to meet evolving customer expectations for seamless banking experiences
• Collaborate with IT and digital banking teams to develop integrated omnichannel product experiences
• Drive the adoption of emerging technologies (AI, machine learning, blockchain) to enhance product capabilities and operational efficiency
• Oversee the modernization of legacy product platforms to improve scalability and reduce time-to-market
• Develop strategic roadmaps for digital product enhancements aligned with the bank's technology architecture

7. Marketing & Distribution Excellence

• Partner with marketing teams to develop compelling value propositions and go-to-market strategies for new and enhanced products
• Collaborate with branch network, direct sales, and digital channels to optimize product distribution and acquisition
• Develop comprehensive product training programs and sales enablement tools for frontline staff
• Design and implement targeted cross-sell and upsell strategies to maximize customer lifetime value
• Oversee product campaigns and promotions to drive awareness, acquisition, and usage

8. Leadership & Talent Development

• Build, mentor, and lead a high-performing team of product managers and specialists with diverse expertise
• Foster a culture of innovation, customer-centricity, and continuous improvement within the product organization
• Implement talent development programs to enhance product management capabilities and succession planning
• Promote cross-functional collaboration and knowledge sharing across the organization
• Represent the bank at industry forums and events to enhance organizational reputation and thought leadership

9. Stakeholder Management & Governance

• Communicate product strategy, performance, and initiatives effectively to the executive committee and board of directors
• Chair product governance committees and participate in relevant management forums
• Manage relationships with key external partners, vendors, and service providers
• Develop comprehensive reporting frameworks to provide timely insights to stakeholders
• Collaborate with internal audit and quality assurance teams to ensure product governance standards are maintained

QUALIFICATIONS & EXPERIENCE

Education & Professional Qualifications

• Bachelor's degree in business administration, Finance, Economics, or related field; MBA from a reputable institution preferred.
• Professional certifications in banking, product management, or digital transformation (e.g., CFA, PMP) highly desirable

Experience

• Minimum 12 years of progressive experience in retail banking, with at least 5 years in senior leadership roles overseeing diverse product portfolios
• Demonstrated expertise in managing the complete product lifecycle of multiple retail banking products, including:
• Deposit Products: Proven success in developing and growing low-cost deposit accounts, current accounts, and innovative savings solutions that have significantly improved the bank's funding position and reduced cost of funds
• Savings & Investment Products: Track record in launching successful savings plans, retirement products, and investment solutions that address diverse customer financial goals and life stages
• Cards & Payments: Extensive experience in credit card portfolio management, including premium card propositions, merchant partnerships, loyalty programs, and emerging payment technologies (contactless, mobile wallets, P2P)
• Lending Products: Demonstrated success in personal loans, auto loans, mortgage products, and innovative lending solutions with proven portfolio growth while maintaining asset quality
• Insurance & Bancassurance: Experience in developing and managing successful bancassurance partnerships and insurance product distribution models that generate fee income
• Digital Banking Products: Proven ability to transform traditional banking products into digital-first offerings with enhanced customer experience and operational efficiency
• Wealth Management Products: Experience in developing tiered wealth propositions, advisory services, and exclusive banking solutions for affluent and high-net-worth segments
• Verifiable track record of product innovation resulting in market differentiation and competitive advantage, with specific examples of successful product launches that have achieved or exceeded business targets
• Extensive experience in digital banking transformation and integration of traditional banking products with digital channels
• Demonstrated success in managing complex stakeholder relationships and influencing at executive level

Knowledge & Skills

• Deep understanding of retail banking economics, product profitability drivers, and pricing strategies across the full spectrum of retail banking products
• Comprehensive knowledge of product bundling strategies and customer lifecycle management to maximize share of wallet
• Strong knowledge of banking regulations, compliance requirements, and risk management principles specific to various retail banking product categories
• Excellent analytical skills with ability to translate data insights into actionable product strategies
• Advanced financial modeling and business case development capabilities for complex banking products
• Exceptional leadership, communication, and interpersonal skills with ability to influence across organizational levels
• Strategic thinking combined with strong execution focus and results orientation
• Proficiency in product management methodologies and best practices
• Understanding of emerging technologies and their application in banking products
• Knowledge of global best practices in retail banking product innovation and customer experience design

Personal Attributes

• Visionary leader with entrepreneurial mindset and passion for innovation
• Customer-centric approach with commitment to delivering exceptional banking experiences
• Resilient and adaptable with ability to thrive in dynamic environments
• Collaborative team player with strong negotiation and conflict resolution skills
• High ethical standards and integrity
• Commercial acumen with strong focus on results and accountability