Head of RBB Products at Absa Bank Limited

Job Summary

• To develop a functional banking management operating model and framework in a broadly defined business functional strategy; enabling horizontal implementation and adoption.

Job Purpose:

• Drive a sustainable business model through a robust RBB strategy aligned to the organization’s objectives
• Full ownership of the RBB P&L and ensuring the business unit delivers to the agreed objectives
• To manage the local product range for Retail and Business Banking customers, ensuring the business remains competitive while achieving its stated income targets.
• To review, recommend and implement new product developments and enhancements to the existing product set.
• Providing leadership and strategic direction to the Liabilities, Loans, Card Issuing and Acquiring teams to ensure the team is developed, and supported to deliver results
• Responsible for cards revenue, usage & spend through effective management of key revenue lines, customer line management, customer loyalty & portfolio spend management.
• Drive the card acceptance strategy through leveraging on digital, ecommerce, enhanced merchant value proposition and maximizing on the ecosystem play
• Deliver Strategic Partnerships through Fintechs, card schemes and other 3rd parties to drive innovation and deliver our ambition of being a digitally led bank
• Ensure compliance to Bank controls, policy, service standards and procedures as laid down by the bank through a robust controls framework

Key Accountabilities:

Team Leadership 30%

• Resource, build and develop a motivated and high performing team
• Create and foster a positive, empowering team and work environment with open communication, individual ownership, personal initiative, timely resolution of conflicts and compliance of company standards
• Provide thought leadership to the team and drive a culture of transformation and innovation by encouraging knowledge sharing, best practices in product development and new ways of doing things.
• Embed a high-performance culture with direct reports and their teams by providing regular feedback, coaching to ensure their maximum potential is achieved
• Proactively drive talent development and succession planning processes within the team.
• Act as an escalation point for all issues emanating from the team
• Provide people management support to colleagues within the team across the entire employee life cycle including on-boarding, performance management, discipline, talent management, career development, reward, recognition etc
• Drive proactive application of Absa values both personally and throughout the team.

Product Oversight 30%

• Ensure income targets are met for RBB products through leading and evolving the product pricing strategy.
• Stay abreast of industry trends, role players and opportunities and challenges to ensure that the RBB business is well positioned to provide competitive and industry leading product and services
• Build and maintain effective relationships and networks within the industry forums and use the opportunity to demonstrate thought leadership and share best practices
• Identifying opportunities for new product development and enhancements
• Lead for RBB in the ALCO (Asset and Liability Committee) meetings, advising on the most appropriate interest rate strategy for RBB products, covering balance sheet and income impacts.
• Contribute ideas for alternative RBB product strategies to manage the Asset and Liability Book.
• Continuously review the local basis for customer segmentation and recommend suitable product activity to target and sustain viable and profitable segments in line with the stated RBB strategy in country.
• Monitor and provide feedback to RBB Management on local competitor product activity and pricing.
• Review local product legal and regulatory assessments completed by the Product Managers
• Interact with the Head of Direct Sales, Proposition Heads and Regional Managers in the Branch network to provide input into sales strategies.
• Review customer satisfaction surveys to identify product issues. Create action plans and implement changes to address such issues.
• Provide direction and input to the Marketing & Corporate Relations (MCR) team during the development of product-specific campaigns.
• Build relationships with internal service providers and stakeholders including Marketing & Corporate Relations (MCR) and Operations & Technology etc and ensure that service level agreements are implemented and maintained where appropriate.
• Proactively contribute to the digitisation agenda and relevant transformation initiatives

Drive Business Performance 30%

• Provide clear direction to the team on the RBB objectives, translating and prioritizing into business performance measures at team and individual level.
• Agree targets and take accountability for the overall achievement of performance objectives for the team in terms of:
• Brand, product and business proposition
• Customer experience
• Cost performance
• Product risk and rigour management
• Budget accountability
• For areas managed by this role, implement performance controls to proactively measure achievement against strategic targets and address changes or non-performance.

Governance Control 10%

• Review monthly tariff reports prepared by the Product Managers with particular focus on errors and deviations. Ensure action plans are implemented to address such issues.
• Review notices for submission to local government, regulators and customers prior to their distribution.
• Liaise with the COO areas on any major processing issues directly linked with the product design or the channels through which the products are distributed.
• Ensure that the team complies with all Absa policies and procedures
• Own and manage the business continuity management plan for the RBB Product team. Ensure that bi-annual tests take place and that any failures are reported.
• Ensure that team members abide by required project governance standards for implementation of new products or launch of new distribution channels.

Education

• First business degree in commerce or banking
• MBA is an added advantage
• Project Management qualification

Experience

• At least 10 years’ experience in sales or product development in a Retail Banking environment.
• 5 years’ people management experience
• P & L Management

Knowledge & Skills

• A comprehensive knowledge of Absa RBB products and systems that support them.
• A detailed understanding of product offerings in the wider financial services industry.
• Demonstrate an understanding of global trends in banking and financial services including emerging developments in fintech and digital transformation of financial services
• Detailed knowledge of Absa RBB strategy and policies.
• Detailed knowledge of consumer behaviour, marketing techniques and evolving trends.
• An understanding of customer segmentation theory and practice.
• A detailed understanding of local industry advisory, regulatory, and professional bodies.
• A good understanding of legislation related to financial services and channel delivery.