Head of Retail Banking Products

National Bank of Oman; Muscat; On-site; OMR 30,000 - 50,000; Full time

Job summary

A leading bank in Oman seeks a Head of Product Management to drive its retail banking division forward. The role involves strategic leadership, product development, and market analysis to enhance the bank’s offerings. Ideal candidates will have extensive experience in retail banking, strong analytical skills, and a proven track record in managing product portfolios effectively.

Qualifications

• Minimum 12 years of experience in retail banking with senior leadership roles.
• Expertise in product management, development, and lifecycle.
• Strong analytical and strategic skills with a customer-centric approach.

Responsibilities

• Formulate and execute long-term product strategy for retail banking.
• Oversee product lifecycle from concept to launch and retirement.
• Drive revenue growth through innovative product development.

Skills

Leadership

Strategic Planning

Product Lifecycle Management

Market Analysis

Risk Management

Financial Acumen

Customer Insight

Digital Transformation

Education

Bachelor’s degree in business administration

MBA from a reputable institution

Professional certifications (e.g., CFA, PMP)

Job description

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