Bank of America Consumer Product & Strategy Leadership Development Program Guide
This is mostly for my fellow cohorts who are just starting out in the Bank of America Consumer Product and Strategy MBA Leadership Development Program. It’s always great to connect with other “LDP’s” and share experiences, insights and advice. This is also for those interested in applying to the program. I’m covering the program as it was when I started in June 2012.
Over two years, I rotated into three different jobs, each roughly eight months long. This provided exposure to a breadth of business units, built a variety of skills and developed a network in a rapid and highly visible way.
While my class of 25 LDP’s all had the same rotation timing and format, they all had varied Lines of Business units and functions they were assigned to throughout the program. In my opinion, that was great, because they shared best practices among the units you didn’t get exposure to and their network turned into my network. On top of that, it was great to learn from alum from various other great, highly ranked MBA programs like UNC, Duke, Darden, Boston University and the like. I also benefitted from the experience of all the LDP alum from years past, further multiplying my network and exposure.
I’ve listed each of my rotation below and described the varied projects in each of them. Hopefully they give you a sense of what it was like.
Rotation 1: Product Management, Deposits Products
Timing: June 2012 – March 2013
Duties: Managed Retail deposit product initiatives. Collaborated with marketing, finance and operations teams.
- Delivered projected $11 MM in incremental revenue by researching competitive intelligence and creating pricing strategy for online international remittance transfer tool; work used in decisioning and designing of new product launch
- Built brand equity and increased transparency to 5.5 MM deposit customers annually by crafting control plan and competitive intelligence analysis for Checking Clarity Statement of Fees
- Deepened relationships with projected 12 MM mobile users by development of smart phone budgeting app and participation of field trial in preparation for 2,000-customer market trial; represented Debit Line of Business in partnership with Payments and Products Innovation team
- Improved customer experience through identifying and closing 70% of ~140 deposit product issues while building new process for audit tracking list for more than 40 team members
Rotation 2: Market Sales Management, Financial Center Channel
Timing: April 2013 – October 2013
Duties: Lead sales, operations and customer experience of three banking center branches in New York, NY East Manhattan Market. Measured success through observations and analysis. Developed, coached, trained and recruited talent.
- Improved banking center professional treatment to highest possible customer score, up 23% while managing three banking centers with 31 associates covering nearly 15,000 households in East Manhattan Market
- Lifted one professional treatment score 12% month-over-month after being selected for special assignment to DC South Capital Market for three weeks; managed five banking centers with 33 associates covering more than 22,000 households
- Increased market product cross-selling more than 7%, exceeding goal and ranking third in region by planning and delivering seven market-wide seller workshops across two Manhattan markets and 25 personal bankers
- Reduced more than 1,000 area service level agreement cases in COMMIT queue to zero and reduced region cases by 90% while leading Deceased Customer Notification Initiative through process improvement
Rotation 3: Payments Strategy Analyst, Card Payments Network Center of Excellence
Location: Charlotte, NC
Timing: October 2013 – August 2014
Duties: Managed enterprise relationship with Visa account team through contract negotiation. Collaborated with vendor management, sourcing, marketing, finance and legal teams.
- Led an estimated 13% increase in Visa Signature card spend through steering contract for first co-marketed Fandango +1 Movie Fridays Promotion, including ~$3 MM in digital creative, production and media value
- Aided $148 MM Consumer Debit purchase volume by managing enterprise relationship with Visa through contract negotiation strategy on more than 10 agreements; collaborated with marketing, vendor management, sourcing, finance and legal teams
- Supported Visa partnership in producing ~$59 B in Total Addressable Purchase Volume (TAPV) using Visa Checkout (formerly V.me) online and mobile wallet product through data elements analysis, $4 MM marketing plan review and Statement of Work (SOW) evaluation
- Facilitated Visa contract compliance in Banking Center Channel impacting ~1,200 customers with a population of ~180,000 accounts through creation of process map delineating credit card application process
- Assisted projected enhanced process of emerging person-to-person payments involving ~53,000 transactions and ~$8 MM in transfers by developing process maps and economics tables for integration of Visa system with Square Cash