TERMS OF REFERENCE FOR THE PRODUCT DEVELOPMENT FUNCTION WITHIN THE MARKETING AND PRODUCT DEVELOPMENT COMMITTEE.
1. Change of Mandate
The Marketing Committee has assumed the new mandate which will require it to develop business through product and service development initiatives. This mandate will also include the implementation and monitoring of all projects related to the development and roll out of all new products and services and enhancements to existing products and services.
2. Change of Name
With the change in the mandate of the committee the Committee will now be called the Marketing and Product Development Committee and its membership will constitute the existing members and any other members as will be co-opted by Management from Time to time.
3. Objectives & Goals
The main objective of setting up this function within the Marketing and Product Development Committee is to ensure the proactive anticipation of customer needs and the development of workable products concepts that end up in development of tailor made products and services for the Bank’s discerning customers.
4. Duties and Responsibilities under the Product Development Function.
Arising out of the new mandate, the committee is expected to carry out the following duties and responsibilities;
i) Conceive and develop new product and service concepts in conjunctions with the departments. ii) Full proof and profile such business and product concepts before submitting them for Management consideration. iii) Upon Management’s positive vetting, come up with business and / or technical proposals complete with thorough business cases and models and Investment analyses for Management’s adoption before presentation for board approval. iv) Setting up of ad-hoc project teams to develop, implement and rollout products and services as the case may be.
v) Monitor the development,...
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