Seasoned professional with an extensive career portfolio showcasing a unique and strong balance of analytics and insights development, program execution and delivery, and overall deep and progressive expertise in product management and team leadership. A trusted leader that has delivered high profile initiatives including Aeroplan exit strategy, six credit card launches, Canada's first mobile payment app, North America's first payment retention algorithm and Insurance Business Transformation strategy. Reigns superior in complex frameworks, spearheading initiatives and attaining success in fast paced, evolving, high volume and high-profile environments. Highly strategic and astute problem solver who identifies critical business insights, translate them into programs and projects, develops and communicates roadmaps to key decision-makers, and executes on-plan to exceed targets. Engaging collaborator who forges strong partnerships with internal and external stakeholders to deliver projects and translate technical jargon respective to cutting-edge programs. Remarkable people manager who provides an unwavering and keen eye for discovering and fostering talent, to lead and empower cross-functional teams, drive efficiency and collaborate on forward-thinking, customer-facing corporate programs and initiatives.
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Avp, Payment ProgramsPeoples GroupBrampton, On, Ca
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Director, Pc Optimum Member Acquisition & Digital EngagementLoblaw Companies Limited 2023 - PresentBrampton, Ontario, CaLead a high performing team in executing bold strategies to drive member acquisition and digital engagement for Canada’s largest loyalty program, consisting of 18M members.Provide leadership and guidance on segmenting audiences using key data points including in-store shop data, app engagement, entrenchment in loyalty program and predictive data models.Advocate for client centric strategies to enhance loyalty experience, which includes onboarding optimization, curating digital experience for new and re-engaged members, expanding offer tool kit, and deploying trigger communications and offers in real time, based on in-store and digital behaviour. -
Avp, Payment ProgramsPeoples Group 2021 - 2023Ca● Accountable for building and scaling a new credit card division of fintech payment programs: i) Set strategic vision and ensured alignment across executive team on the strategy and multi-year roadmap; Established project governance structure to remove silos within the organization and create senior leadership sponsorship and accountability to deliver on roadmap. ii) Implemented core functionalities needed to service a credit product such as BIN set up, adjudication, fraud monitoring, credit risk mitigation, call center, payment processor configuration, card plastic manufacturing, monthly credit statement and mobile app.● Led the end-to-end product development strategy for new Visa Credit Card: i) Core responsibilities consisted of ideation, business casing, market research, product requirements, operation readiness, change management and go to market strategy. Visa product projected to generate five-year NPV of $41M.
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Director, Product Development (Insurance)Cibc 2018 - 2020Toronto, Ontario, Ca● Launched consumer strategies by leveraging customer data, developing and analyzing insurance client personas, insurance propensity model and enhanced reporting; resulted in highly profitable growth. ● Launched new acquisition digital channel while optimizing existing ones, creating transparency to acquire client consent in a highly regulated market; introduced new set of insurance questions to assess qualification for new products. ● Led acquisition initiative that introduced capability to offer creditor insurance to existing clients in banking centres, versus being restricted to new applicants; initiative yielded a five-year NPV of $10M. ● Instituted a culture of ownership, accountability, innovation and product discipline through tighter management of insurance team. -
Director, Customer Lifecycle & Retention, Cibc PaymentsCibc 2014 - 2018Toronto, Ontario, Ca● Developed and rolled out credit card lifecycle strategy for 13 credit card products, leading a cross-functional team of 23 members to identify customer pain points and collect feedback from bank partners; optimized customer engagement based on behaviours and introduced communications plan for enhanced travel card benefits. ● Developed three-year customer retention roadmap that identified, prioritized and executed 20 initiatives; Net Promoter Score increased by 6%, retention increased 13% by year two with an incremental 6% YoY by year three. ● Built sophisticated data-driven retention platform tool (drawing from 18 real-time data points) that enabled personalized, customized offers for customers, adopting advanced analytics features; retention rate increased by 6%, while expenses decreased by 17%. ● Launched Point-of-Sale Activation, allowing clients to activate their credit card by making a purchase and not having to call into call center; 52% of clients used new functionality within first year of launch resulting in $2.4M in savings from reduction of incoming call volume.
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Sr. Manager, Partner ManagementCibc 2011 - 2014Toronto, Ontario, Ca● Developed and led exit strategy program for Aeroplan cards, in response to the impending contract cessation between Aeroplan and CIBC; identified 1M portfolio accounts that had high likelihood of attrition and were significant drivers of profitability. ● Led segmentation analysis which outlined incentives (upfront and renewal) that should be provided to high-value clients based on customer journey-mapping and identified pain-points, and which primary credit card the client would be migrated through.● Partnered with Rogers, Visa, MasterCard, AIMIA and Suncor to develop, execute and promote segmentation, incentive and communication strategies for the launch of Canada’s first mobile payment application; identified early adopters by focusing on accounts that were digital savvy, resulting in 21% increased adoption rate amongst early adopters within first six months.
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Manager, Market GrowthCibc 2009 - 2011Toronto, Ontario, Ca● Led cross-functional project to drive business requirements, communication, incentive, customer experiences strategies and launch plan for six product lines. ● Transformed an unprofitable portfolio by identifying pricing and risk mitigation opportunities, conducting P&L analysis to determine key drivers of portfolios and analyzing data to identify root-causes; introduced new pricing strategy leading to incremental revenue growth of $18.7M annually.
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Manager, High Value And Loyalty Program ManagementCibc 2007 - 2009Toronto, Ontario, Ca● Created a three-year customer recognition strategy for high-value cardholders, providing access to unique customer experiences and creating a VIP indicator to identify these customers and enhance experience (e.g. reducing number of transactions being declined by fraud algorithms detecting unusual purchases based on credit card usage). ● Conducted customer analysis and introduced complimentary travel perks to improve travel experience for high-value cardholders. ● Developed business case for Portfolio Risk Management team to provide an incremental $97M in credit limit increase for high value accounts; analysis persuaded team that segment had unique needs and risk of abandonment – spend went up by 13% YoY, while share of wallet increased by 3% YoY and a flat loan loss.
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Manager, Revenue EnhancementCibc 2006 - 2007Toronto, Ontario, Ca● Managed the optional credit card features portfolio, including insurance products. During tenure increased portfolio revenue by 8% through targeting changes and launch of new optional credit card features.
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Assistant Marketing ManagerCibc 2005 - 2006Toronto, Ontario, Ca● Supported marketing managers in executing strategic campaigns, with the collaboration of internal and external partners.
Parm Rai Education Details
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University Of Toronto MississaugaMarketing And Finance -
University Of Toronto - Rotman School Of ManagementRotman'S Integrative Thinking Program
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University Of Toronto - Rotman School Of ManagementExecutive Leadership Program
Frequently Asked Questions about Parm Rai
What company does Parm Rai work for?
Parm Rai works for Peoples Group
What is Parm Rai's role at the current company?
Parm Rai's current role is AVP, Payment Programs.
What schools did Parm Rai attend?
Parm Rai attended University Of Toronto Mississauga, University Of Toronto - Rotman School Of Management, University Of Toronto - Rotman School Of Management.
Who are Parm Rai's colleagues?
Parm Rai's colleagues are Aditya Dhar, Stéphane Nellis, Athira Sasikumar, Sarah Milne, Mariya Savina, Layal Moukahal, Jon Zent.
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