Commercial Loan Product Manager
The Commercial Loan Product and Commercial Bank CX Manager is an enterprise-wide strategic partner responsible for the development and facilitation of product management and pricing strategy to drive loan growth and customer retention for our $50B commercial loan portfolio. This will include review and execution of pricing methodologies, customer retention and coordination with Marketing on the overall customer experience strategy for the Commercial Bank. Further, as the industry prepares to transition away from LIBOR, this role will manage the Commercial Bank's transition of $40B of LIBOR-based loans across 13,000 contracts; daily interaction with these partners to develop alternative rate products, pricing strategy, communication and training plans for successful remediation of $40B loan book by 12/2021 and consistent enterprise-wide approach.
Position Responsibilities
* Responsible for commercial loan pricing and product management of a $50 billion loan portfolio
* Establish, manage and communicate the strategic direction of Commercial Loan products, pricing, sales strategies and profitability; own pricing and product approval and processes
* Position Comerica as regional bank leader in LIBOR transition; Develop and deliver new alternative base rate commercial loan products including but not limited to SOFR
* Identify opportunities to position alternative index products as competitive advantage to drive loan growth
* Drive revenue by influencing exception pricing approval decisions through elevating and identifying opportunities to Market Presidents and Line of Business Leaders to optimize loan spread and fee income; challenge and recommend alternative solutions that improve loan pricing economics
* Collaborate with Line of Business leaders to develop, approve and facilitate execution of loan pricing and product strategy to drive new client acquisition and retention
* Create and deliver monthly and quarterly reporting of pricing and exception trends and drivers to EVP Commercial Bank, Market Presidents and Line of Business Leaders; Identify red flags, pricing and product-related risks to loan growth and retention (see Risk Mitigation responsibility) and share recommendations to remediate risks
* Manage competitor and third-party vendor intelligence to assure proper benchmarking and dynamic pricing targets that reflect rate environment and industry movement
* Use all available industry data and resources to understand the product positioning, pricing and competitor trends in lines of business and in footprint markets; facilitate a dynamic quarterly review process with Market Presidents and Line of Business leaders to address line of business pricing targets to maximize growth and minimize attrition
* Develop Commercial Loan promotional campaigns through collaboration with lines of business to drive loan growth, improve retention and capitalize on market opportunities
* Manage the exception process and drive compliance; enforce that all pricing exceptions are elevated and approved by the appropriate Approver (Line of Business leader, Market President or designee)
* Identify pricing optimizing opportunities during the escalation and exception approval process; Challenge Approvers and influence approval decision making process
* Assess exception, attrition, benchmarking and lost opportunity data to identify risks to loan growth and retention; elevate risks and recommend clear strategy to mitigate at line of business level
* Assess exception data and provide quarterly visibility to EVP of Commercial Bank, Market Presidents and Line of Business leaders on a quarterly basis; present red flags, trends and recommendations as part of BURs
* Assess the Commercial Bank's commercial loan-related risks related to the LIBOR transition including remediation strategy; develop and facilitate RM training and communication to reduce conduct, reputational and other risks
* Create and facilitate a Customer-Centric approach to LIBOR transition through enterprise-wide collaboration across workstreams to ensure a positive LIBOR transition experience; manage approach for internal and external customers
* Create content, materials and communications to inform internal customers and stakeholders of LIBOR transition status; facilitate education and training for internal customers/lines of business to ensure cohesive messaging around LIBOR transition readiness and customer impact
* Deliver upon Commercial Bank Customer Experience priorities outside of the LIBOR transition to include new client onboarding, impactful first call, retention and CX measurement; collaborate with lines of business to create content, materials and training that drives line of business delivery of a Commercial Bank best-in-class customer experience
* Design and implement small scale CX pilots to test and drive valuable voice of customer feedback; chart clear path to implement recommendations based on feedback
* Facilitate quarterly/semi-annual RM/TMO focus groups and competitor comparison meetings to gain valuable insight into our internal customer's voice; chart clear path to implement recommendations based on feedback
* Act as LIBOR transition, Commercial Loan pricing and product resource and SME, providing loan pricing strategy and methodology guidance to 500+ RMs, PMs, GMs and senior and executive leadership across all lines of business
* As LIBOR transition lead for Commercial Bank, collaborate with enterprise-wide workstreams to ensure consistency in communication, process and customer impact
* Evaluate and influence pricing opportunities through coaching and educating customer-facing teams (RMs/GMs); encourage innovation and creativity in delivering upon the Comerica value proposition
* Consult with key constituents including LTS, Corporate Treasury, Credit, Risk, Technology, Operations and Lines of Business; stay current on technology/systems/processes/regulatory changes to assess change impacts on product and pricing; chart clear direction to address impact(s)
* Interacts with liaisons from Retail Bank & Wealth to coordinate bank-wide messaging and deliver /implement national strategies
* Role interacts daily with Comerica senior and executive management corporate-wide with regard to Commercial Loan product and pricing strategy and LIBOR transition and Customer Experience efforts
* Voice of Lines of Business for Loan Pricing strategy and methodology; responsible for approvals at ALCO, NPPC and ESPC
* Acts as SME for Commercial Loan related topics and projects for the Commerical Bank and Wealth Management
* Manage long term fixed rate balance sheet strategies in accordance with desired ALCO thresholds
