Islamic Banking Product Manager at Absa Bank Limited

Job Summary

• Reporting to the Head of Islamic Banking, the Product Manager has the responsibility of providing focus on business direction through planning and driving financial performance, business management, design and delivery of the product line strategy in line with customer segmentation strategy and annual plans to support the achievement of the objectives of Absa Kenya Islamic Products.
• The role requires the role holder to have regular contact with, Country Finance teams, Retail branch network teams and the product teams to proactively set and agree performance drivers and to provide technical product management expertise. Tracking, monitoring, analyzing and reviewing progress against targets and making recommendations to the Head of Islamic Banking and the wider team members.
• The role holder will be responsible for meeting the profit income targets for the product line across all businesses. Implement new products and product enhancements. Provide information on competitor information, local pricing and local market potential.

Job Description
Key Deliverables/Accountabilities
Driving Business Direction: Time Split 20%

• Assists the Head of Islamic Banking in developing the Islamic Banking strategy through provision of insightful strategic analysis on competitor activities, pricing trends and sensitivity, economic analysis and such other relevant macro trend analysis.
• Coordinates and compiles the Islamic Banking financial plans/budgets (both STP and MTP) including analytical support of the budget drivers and processes of the plans for the specific Branches/outlets in liaison with the budget owners.
• Coordinates the Islamic Banking budgets and financial performance including Income, Cost and Balance Sheet streams highlighting material variances and reporting regularly to the Head of Islamic Banking with recommendations for timely strategic actions.
• Understand customer segmentation & customer needs and develop product offerings to deliver the customer value propositions.
• Liaise with the Marketing department, Regional Managers & Heads of Functions to inform them of the product line strategy, positioning and implementation plans.
• Identify the key lines of cost and income, and the levers we have to control costs and income. Set the strategy according to these levers to achieve the specified Product Line performance targets.
• Undertake legal and regulatory assessment as required
• Feedback suggestions for new products and product enhancements

Business Management & MI Development: Time Split 40 %

• Owns and coordinates the development and management of robust, relevant, timely and effective management information (MI), at times ad hoc; that drives Islamic Banking business direction and performance enhancement.
• Supports the product managers on designing and managing business processes that minimizes income leakages and assist in reviewing business processes to achieve efficiency and cost effectiveness.
• Manages and coordinates the income collection and cost reduction within Islamic Banking
• Manages and coordinates Islamic Banking external financial audits providing requested information and responding to all audit queries raised by external Auditors. Follows up audit findings ensuring that corrective actions are timely implemented.
• Provide clear information to Head of Business Development for action plans and activity to manage the specified product line performance and to improve product line profitability in line with customer segment objectives.
• Provide clear information about the collection and compilation of competitor and market data on the product line.
• Ensure that country pricing decisions, product feature changes and new product development that have financial implications on the product line income and margin performance follow the correct governance process.
• Monitor performance of Product Line against key measures. Report results with recommendations about performance.
• Produce regular reporting and stakeholder feedback for all products in line including what the product is, account and customer behavior, key performance indicators (e.g. interest income and margin), key drivers (e.g. pricing) , and changes required to the existing plans to respond to market conditions.
• Liaise with all stakeholders about product line positioning, functionality, performance targets and activity planned.
• Work to develop the management information and reporting for both EM and local use to support the analysis required for improved product line performance.

Performance Management: Time Split 40%

• Coordinates the compilation of monthly detailed performance dashboard league providing explanations to team members on the basis of compilation for transparency and objectivity in performance measurement, necessary for team buy-in and motivation.
• Constructively challenges monthly results and forecasts for Islamic Banking business and Finance Reporting. Assisting in identifying value adding initiatives to improve on performance.
• Works closely with the Head of Islamic Banking, Regional Managers, Area Managers and product teams to drive and deliver performance across the Bank.
• Guiding and influencing the wider team members involved in MI processes and compilation on effective and efficient methodologies of data collation and processing and analysis.
• Generate and manage new product or product amendment ideas at the concept development stage
• Log product ideas for the product line utilizing relevant research (e.g. input from customer insight and Community Finance Officers). Review ideas and make recommendations to progress which are prioritized using value-based criteria.
• Design of new products or product features considering both customer requirements and the constraints for new developments by:
• Engaging all stakeholders
• Creating a steering committee
• Building a business case
• Complete all product testing.
• Build detailed local implementation plan.
• Closely monitor local implementation
• Write the aggregate business case for new products, risk and infrastructure plan, detailed operational risk assessment, and complete the financial model for product.
• Facilitate planning workshops to produce detailed plans for each product development work stream and manage infrastructure build, test, pilot launch and full launch
• Handover new product to the business development function following process and undertake post project review.

Technical Skills / Competencies

• Analytical thinking and judgment.
• Change, financial and business management.
• Information gathering.
• Computer literacy specifically high competency in Excel spreadsheets.
• Good understanding of BRAINS /Flexicube
• Managing relationships.
• Business aware & proactive.

Knowledge, Expertise And Experience
The jobholder will require a wide range of knowledge to effectively perform the role including:

• Strong business planning and financial management skills.
• Strong analytical and diagnostic skills.
• Good presentation and communication skills.
• Ability to work to tight deadlines without compromising accuracy.
• Good understanding of Islamic products dynamics and pricing structures.
• Appreciation of Islamic business risk profile.
• Good understanding of Absa Kenya Financial reporting structure and financial processes.
• Strong team player with good interpersonal skills.
• Good understanding of performance dynamics management processes and techniques.
• Good PC /system skills.
• Understanding of the domestic economic and industry trends

Essential

• Experience in and/or understanding of Financial Services environment (e.g. Absa Kenya Financial Reporting framework and/or experience of managing P&L and Balance Sheet performance.
• Experience in and/or understanding of Consumer Banking environment with good understanding of Islamic products, deal structuring, pricing structures and relationship management.
• Graduate caliber with business university degree (preferably finance or accounting) with other relevant professional qualifications.
• Product management experience

Preferred

• A business degree (B.Com)
• Strategy and planning awareness and techniques
• Influencing and Negotiating Training
• Performance Management training
• Presentation/communication skills.

Education

• Higher Diplomas: Business, Commerce and Management Studies (Required)