Product Development Manager at Bank of Africa Kenya Limited

Responsibilities and Accountabilities.

Strategic Responsibilities 

• Develop Product Strategy: Formulate and implement a comprehensive product development strategy aligned with the bank’s overall strategic objectives, market trends, and customer needs.
• Market Analysis: Conduct market research and analysis to identify emerging trends, customer preferences, and competitive landscape to inform product development initiatives.
• Regulatory Compliance: Ensure product offerings comply with regulatory requirements and industry standards, collaborating with compliance and legal teams to address any regulatory concerns.

Managerial Responsibilities 

• Team Leadership: Provide leadership, direction, and mentorship to the product development team, fostering a culture of innovation, collaboration, and accountability.
• Cross-Functional Collaboration: Collaborate with various internal teams, including marketing, sales, operations, and risk management, to coordinate product development efforts and ensure alignment with organizational goals.
• Stakeholder Engagement: Engage with key stakeholders, including senior management, board of directors, and external partners, to communicate product development strategies, seek input, and obtain buy-in for new initiatives.

Operational Responsibilities

• New Product Development: Lead the end-to-end development of new financial products and services, from concept ideation and market validation to product launch and post-launch evaluation.
• Product Enhancement: Continuously monitor and assess existing product portfolio, identify opportunities for product enhancements or modifications, and oversee the implementation of product improvements.
• Performance Monitoring: Establish key performance indicators (KPIs) to measure the success and performance of product offerings, track performance metrics regularly, and make data-driven decisions to optimize product performance.
• Documentation and Compliance: Ensure thorough documentation of product specifications, features, and compliance requirements, maintaining accurate records and documentation throughout the product development lifecycle.
• Vendor Management: Manage relationships with external vendors, suppliers, and partners involved in product development initiatives, negotiating contracts, and ensuring deliverables meet quality standards and timelines.

Minimum Requirements; Work Experience, Academic and Professional Qualifications 

• Bachelor’s degree in business administration, Finance, Economics, Marketing, or a related field.]
• Professional certification in product management, project management, or a related field is desirable but not mandatory.
• Minimum of 5 years of experience in product development, marketing, or related roles within the banking or financial services industry.
• Proven track record of successfully managing and launching financial products and services.

Competencies and Attributes 

• Market Insight: A deep understanding of market dynamics, customer preferences, and competitive landscape to inform product development strategies and identify growth opportunities.
• Strategic Planning: Capacity to develop and execute comprehensive product development plans aligned with the bank’s strategic objectives and regulatory requirements.
• Analytical and attentive to details with ability to analyze competitor products and bank’s products.
• Communication Skills: Effective communication skills to articulate product strategies, convey complex concepts, and influence stakeholders at all levels of the organization.
• Leadership and ability to lead cross-functional teams, foster collaboration, and drive consensus among stakeholders to achieve product development goals.