Senior Manager: Product

Empowering Africa’s tomorrow, together…one story at a time.

Job Summary

Overall responsibility for ongoing management of the product portfolio, formulating, managing and executing product and proposition strategies for target segments based on robust and in-depth analytics, insights and customer segmentation.

Job Description

Accountability: Product Strategy and Planning

• Remain abreast of current industry standards locally and internationally to identify opportunities for improvement of Product sets, i.e. ensuring that product standards/offering are parallel or above industry and competitor standards

• Evaluate market opportunities and establish how we can benefit from the ideas/initiatives at a wider Group level.

• Ensure regular assessment of regional market and competitor offerings are undertaken

• Drive and direct product gap analyses as well as the establishment and management of product lifecycles

• Develop pricing, sales and product strategies to grow revenue and gain market share aligned to the sales and relationship team strategies

• Develop the short-, medium- and long-term Absa product and related business strategies across the value chains.

• Formulate Product strategies informed by client strategies/needs to penetrate possible market opportunities in line with the larger business strategy.

• Ensure that the strategy includes conducting on-going local and international market analysis for new and innovative offerings for consideration in the different portfolios and continuous strategic alignment.

• Seek on-going improvement of Product cycle speed

• Ensure that all impacted stakeholders (PSC, Change, IT, Segment etc.) across the Group understand and support the agreed strategies for the area.

• Mobilise and support the implementation of the customer service culture and sales strategy

Accountability: Product Development and Management

• Act as the subject matter expert for new product development and manage the development budget.

• Direct and influence the management and prioritisation of the existing portfolio and new solutions

• Guide the Product team to strategically manage product planning/design/management/ development in the context of a product roadmap based on the product lifecycle with its associated price, promotion, distribution and customer needs objectives.

• Monitor the continuous Product performance analysis in terms of all product parameters (including market share, customer take up, utilisation/activity,financial performance etc.) and create a focus on Market activity to gain traction and market share in the industry.

• Oversee and ensure that the implementation of regular profitability analysis is conducted on all products to determine their continued viability.

• Entrench governance and ensure that the Product development team works with Group Legal and Group Compliance and Group Operations to review product features, processes and procedures to ensure that they are compliant with legal and regulatory requirements (e.g. CPA, Competition Commission etc.) and incorporate best practices and efficiencies.

• Ensure that the Product team actively works with the management teams of the sales and operations/support areas to ensure a common understanding of the services required and the constraints within which those areas have to operate. Initiate process reengineering projects where required.

• Provide direction, guidance and input on the development and management of processes to ensure the effective delivery of products. This includes providing subject matter expertise during the development of sales force training material.

• Entrench the use of industry best practices for product planning, life cycle management, measurement, growth and profitability. This involves addressing the strategies covering the 8 P's of services (Product, Price, Promotion, Place, Processes, Physical evidence, People and Profitability).

Accountability: Commercial performance

• Deliver commercial performance against annual targets set

• Continuous review of product performance against key SLA’s delivering corrections where necessary

• Identify new revenue opportunities and opportunities for cost reductions

• Ensure on-going BAU compliance of all products to relevant policies

• Implementation of pricing strategy and governance to optimise revenue and to minimise revenue leakage

• Ensure processes for benefit tracking per product and segment is in place

Accountability: Business Management

• Develop and implement a sustainable Business model and marketing strategy for all products in collaboration with Manager for Product Marketing

• Participate in Group and Industry Forums to ensure alignment with the rest of the Group and industry at large.

• Using the defined customer strategy to ensure the appropriate delivery solution is in place to meet the customer needs. Partner with and influence senior leadership

• Implement the best in class customer experience to all clients

• Proactively offer customer solutions to existing and new client base

• Participate in all relevant customer and sales forums and provide feedback to business and align necessary processes

Accountability: Stakeholder Management

• Ensure all stakeholders are fully engaged including Retail, CIB, Operations, IT, Legal, Channels, Segments, Sectors, Finance, Risk and Compliance

• Work closely with stakeholders / other business units in setting targets and driving the product agenda

• Manage key stakeholder relationships

• Manage and maintain key industry stakeholder relationships

• Represent Absa at relevant industry platforms

Accountability: Risk Management

• Ensure processes, control requirements and risk management frameworks that have been designed are understood by all stakeholders and regularly reviewed and updated

• For audit findings that have an impact on the business, agree around the actions required and implement the required actions

• Ensure remediation actions are embedded within the required timelines

• Log and investigate all risk and loss events and ensure the issues are resolved and escalated as per the applicable policy

• Ensure regulatory and compliance training is completed and applied

• Continuously review product lifecycle to identify and mitigate risk areas

• Ensure robust product testing governance

Accountability: People Management

• Work with Human Capital to achieve excellent business results through continuous people development and mentoring activities.

• Entrench the culture of the development of a high-performing team through embedding formal Performance Development and informal coaching and by leading by example.

• Establish and maintain a succession plan for business using the formal Talent Management process for identified talent and an informal process for remaining roles.

• Interview and recruit direct reports and provide support to them during the recruitment of their teams on request.

• Manage complex internal relationships across various functional areas and business units within Absa.

• Develop a high performing team by embedding formal performance development and informal coaching. Encourage frequent knowledge sharing between team members.

• Management complex external relationships with Absa vendors and device suppliers including managing joint development of services and solutions of Absa offerings.

• Ensure that processes, control requirements and risk management frameworks that have been designed for the area are followed.

Education and Experience required

· B-Degree in Commerce/ Finance/ Marketing or NQF Level 7

· B.Sc. or B.Com (Honours) (advantageous)

· 3 – 5 years Banking experience

· 3 – 5 years’ experience in Banking Products development and/or management

· 12 months experience in Banking Products (advantageous)

Knowledge & Skills:

· Competent Problem solving

· Strong Analytical skills

· Knowledge of Life Insurance products

· Knowledge of Life Insurance market

· Innovative “out of the box” thinking

· Project management skills

· Working knowledge of product environment

· Cross functional influence and engagement

· Good stakeholder management and communication skills required

· Knowledge of competitor products

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised