Head of Wealth Product Solutions and Retail Products

We are currently seeking an experienced professional to join our team in the role of Head of Wealth Product Solutions & Retail Products.

Role Purpose:

The Head of Wealth Product Solutions & Retail Products ('WPS&R') is a senior leadership role reporting to the Head of International Wealth and Premier Banking ('IWPB') in the Philippines. The role holder is responsible for all Wealth and Retail products, including Deposits and Credit Cards.  Primary responsibilities include defining and leading the execution of strategies to drive and expand profitable Wealth and Retail business, providing a seamless and consistent client experience across all channels, delivering balance sheet growth, increasing market share across products, and positioning IWPB for long-term sustainable growth as aligned with Group strategy.

In this role you will be:

• Leading the development and management of all retail and wealth product solutions, ensuring that these are consistent with customer needs, product mix and proposition, with Wealth, FX and Deposits as core components.
• Maximizing the results of all IWPB wealth and retail products with a focus on accelerating overall contribution of Wealth to IWPB P&L.
• Drive market share growth in Deposits, and Wealth whilst continuing to manage profitable contribution from cards within our target segments. Having in place strong disciplines ensuring cost reductions, sustained marketing activities, and product enhancements.
• Formulating and implementing long-term business strategies for target segments and products, seeking to maximize customer growth, Net New Money, customer relationship growth, customer satisfaction through Net Promoter Score (NPS), business profitability and return on tangible equity.
• Establishing strong discipline and cadency with the Sales teams and embed a Sales and Service culture to be able to deliver business targets.
• Managing operational risk, including its identification, assessment, mitigation and control, loss identification and reporting. Closely engaging with and challenging the Risk management team to develop and introduce refined credit policies that will allow business to achieve aspirational growth targets in a profitable and controlled manner.
• Reviewing and challenging existing policies and processes, and introducing innovative cost-effective solutions, including outsourcing where justified.

The job holder works in close coordination and cooperation with Operations, Risk, Human Resources, and Finance, to ensure efficient operations. Due to the separate legal entities of the main Bank and the Brokerage (Wealth is managed out of HSBC Wealth), a number of specific workflow "workarounds" have been established to ensure efficiency and compliance within the regulatory environment (namely Bangko Sentral Ng Pilipinas – BSP, Securities and Exchange Commission, and Insurance Commission), which in itself leads to close discussion with the Legal and Compliance staff of the Bank. Also engages with many third-party operators for product sales growth as well as cost and volume efficiency.

Principal Accountabilities and Responsibilities:

Impact on the Business:

• Strong focus on achieving aspirational growth targets whilst investing in the Brand and building a platform for future profitability.  Maximizing the results of all Wealth Solutions and Retail products, increasing market share in Deposits, Cards, and Wealth.  Having in place strong disciplines ensuring cost reductions, sustained marketing activities, and product enhancements. 
• Define and oversee implementation of commercial and operational activities of the WPS&R team to achieve the operating plan and accelerate growth to improve market positioning within Asia Pacific IWPB, and wider Philippine market.
• Ensure close connection between market trends/clients' needs and ultimate product/channel delivery and business strategy, driving projects in response to market changes and opportunities and in line with HSBC Group strategy. 
• Maintain robust oversight of WPS&R P&L and Balance sheet activities to deliver committed financial targets. 
• Implement the Group compliance requirements locally by containing compliance risk in liaison with internal stakeholders, within and outside the market, ensuring adequate compliance capability and culture and owning relationship with regulatory bodies where required.
• Measured through business growth, market share, product profitability, client/product penetration rate, competitor tracking, independent surveys, customer satisfaction surveys, cross-selling and detailed marketing campaign reviews.

Leadership & Teamwork:

• Build a team fit for the future growth of the business including, but not limited to, expanding roles of current team members, moving resources into the right structures to support future growth, hiring the right skills into the business, managing out underperformers, and building a robust succession plan.
• Cultivate an environment that supports diversity and inclusion, thereby reflecting the HSBC brand.
• Create an environment of engagement and empowerment, ensuring collaboration throughout the organization.
• Drive a high-performance culture in line with HSBC everyday performance management standards.
• Direct strategic goals, in conjunction with the IWPB Exco team, key stakeholders and Group strategy to build profitable and sustainable business.
• Measured through client penetration rate / retention, customer satisfaction surveys, delivery of transformation programmes, and ability to influence key partners, including regulators, to support strategic priorities of the business.

Customers / Stakeholders:

• Foster and develop a customer-centric ethos, using customer insights to continuously enhance customer experience, increasing customer loyalty, advocacy and retention.
• Pivot the business toward a digital-first distribution model through continuous investment, upskilling of people capabilities, and building third-party partnerships in support of evolving customer needs.
• Maintain strong relationships with key partners and stakeholders in country and group as well as externally to deliver better solutions for IWPB customers.
• Nurture strong relationships with key external stakeholders including but not limited to regulators; product partners; service partners; industry players.
• Exceed growth (acquisition) and customer delight (NPS) plans for IWPB MNL.
• Ensure clear alignment of strategic priorities for IWPB MNL across all stakeholders.

Operational Effectiveness & Control:

• Adherence to local and global applicable regulatory standards.
• Ensure appropriate financial and non-financial risk management and oversight.
• Responsible for governance and oversight operating model.
• Ensure appropriate day to day running of IWPB MNL with appropriate controls and oversight in place.
• Measured through internal and external audit results.

Qualifications:

• Relevant experience and financial performance track record, with extensive knowledge of the wealth and retail business, and the aptitude to drive future-focused strategy.
• Proven track record of leading a large team to deliver business outcomes and major transformation programmes, effectively influencing within the organization.
• Strong managerial, planning, analytical, communications, decision-making, lateral thinking, influencing, interpersonal and project management skills.
• Customer focused and passionate to champion change within the organization, while building a sustainable business via thorough understanding of the local market dynamics (economic factors, regulatory factors, competition) and the inherent risks (operational risks) of the business, including management of complex regulatory matters. 
• Strong business acumen, ability to use numerical data to develop tactical and strategic plans and change them as warranted by results.
• Minimum of bachelor's degree in finance, business, economics, or related fields.