Product Manager at Sidian Bank

JOB PURPOSE

The role primarily involves developing and executing analysis, strategies, and programs to improve product positioning, product launches, and demand generation that builds long-term growth and competitive advantage. The incumbent will also help define and promote the value our solutions bring to customers to assist in retention and new sales as well as overseeing the identification, development, and production of new products for the Bank. It will involve driving the development process from idea to implementation to ensure products meet customers’ needs as well as determining cost efficient production methods, overseeing the layout of product innovation test and ensuring that new products are following regulations.

This role requires a combination of technical/software knowledge to obtain a deep understanding of our products, combined with the marketing skills to effectively communicate product capabilities and benefits.

KEY RESPONSIBILTIES

• Product Strategy formulation and implementation.
• Research and development.
• Product Life Cycle Management.
• Product performance tracking and reporting.
• Training and Sales Support.
• Risk Management.

MAIN ACTIVITIES 

Product Strategy formulation and implementation: 

• Determine the product strategy and vision for products covered with eye towards innovative concepts and solutions.
• Maintain understanding of product line strengths and weaknesses to help develop product positioning and messaging that differentiates our products in the market.
• Formulate and come up with product strategies that competitively address identified and emergent market opportunities.

Research and development:

• Facilitate and lead strategy/concept/requirements sessions with cross functional teams of user research, market research and technology partners;
• Assess customer and banker needs and “pain points” to build prototypes to validate solution approach.
• Experience in using empathetic product design to develop and managed products, tools and technology to address and resolve user problem(s).
• Identify the business and operational requirements based upon the business requirements & objectives of each product.
• Identify and present innovative and creative product solutions.
• Perform competitive research to profile our key competitors.
• Analyze qualitative and quantitative research and apply it to market opportunities, brand gaps, and commercial priorities in order to develop innovative consumer focused products.

Product Life Cycle Management:

• Identify, evaluate and implement opportunities/needs for product enhancement and development (e.g. performance, risk mitigation, additional functionality). These opportunities may be identified through: regular market and competitor analysis performed by the product group; solutions developed as the result of client needs; suggestions from the line or Product Review Committee (PRC) or that meet a specific bank initiative or new client niche.
• Work with vendors; performing new vendor analysis, managing relationship, vendor negotiations, managing initial product integration requirements.
• Ensure growth through product development, new acquisitions, deepening existing relationships as well as developing strategic alliances with tactical partners to drive uptake.
• Engage with segment owners and market activators to achieve product uptake and utilization to meet revenue targets as well as increase deposit accounts use-cases.
• Collaborate & champion the product development committee and regional teams to understand business needs and develop corresponding requirements.
• Work with internal and external cross-functional partners and stakeholders to bring new product &innovations to the market.
• Drive top-line growth, volume, and share via consumer-led renovation and innovation initiatives of existing customers.
• Project ownership from developing a concept, to product development, to business case preparation, to launch in-market, and finally, until performance measurement.
• Develop and evolve the Innovation Pipeline focusing on future growth, while at the same time managing short term needs and budgets Analysis of financial performance.
• Assist in the creation of our product content including one sheets, website content, videos, blogs, webinars etc.
• Responsible for idea generation and concept validation of new services/platform enhancements.
• Project management of all product integration/launches/changes throughout implementation.
• Lead the development, approval, training, and communication of new products/product changes and their associated customer, operational, system, & process impacts to the various internal organizations.
• Develop information materials on product features, benefits, requirements, pricing and services, and prepares and executes training seminars as needed. (Includes Marketing One-Sheets and annual fee increase training)

Product performance tracking and reporting:

• Ensure proper customer segmentation, reporting across Strategic Business Units, product per customer penetration, product and customer profitability.
• Provide regular market reviews, advise the bank on optimal policies, processes, procedures, and fees to ensure maximum products profitability.
• Build and present end to end executive product updates inclusive of current production metrics, new feature delivery planning and financial forecasting;
• Integrate data analytics, product metrics, user experience research, competitive and market analysis, and company goals to drive prioritization of product initiatives;
• Manage in-life product performance: sales, margin, and churn, conducting extensive numerical analysis using company data.
• Responsible for end-to-end business and financial results for multi-faceted, complex products through the selection, design, development and promotion of new and existing products utilizing traditional and emerging capabilities in technology, operations, and data analytics to offer customers a differentiated product experience.
• Uses knowledge of emerging technologies to deliver products to customers through all applicable channels. Prioritizes and makes decisions regarding recommendations. Champions business cases, business plan and roll-out of specific products, product groups or experiences.
• Prepares reports and analyses on assigned products/product lines and presents to Bank Management (Mancom, ALCO, etc.) on a regular basis.
• Ensure relevance of services with customer needs by garnering feedback from customers, issuers and third parties.

Training and Sales Support:

• Develop & conduct specialized training on new products launched and raise awareness & application of relevant subject matter.
• Ensure that all branch sales staffs are trained regularly on existing and new products.

Risk Management:

• Partners with key stakeholders including sales, marketing, digital channel delivery, and other internal service partners. Participates and/or leads activities with external stakeholders and clients to ensure all product offerings meet their strategic goals. Develops product-specific marketing initiatives. Supports risk management, compliance and audit needs as part of the first line of defense.

DECISION MAKING AUTHORITY

• Make decisions on changes to products and processes review.
• Advice the management on products viability, profitability and value pack.

ACADEMIC BACKGROUND

• Undergraduate degree
• Masters degree will be an added advantage

WORK EXPERIENCE

• Proficiency in office automation and banking technologies.
• At least 8 years’ work experience in Product Development in a financial services environment.
• Experience in implementation of electronic platforms and solutions.
• Experience in value chain management is an added advantage.
• Project Management experience is an added advantage.
• Excellent understanding of the Bank’s Strategy and ability to interpret this and map it to the market now and plan future.

SKILLS & COMPETENCIES

• Knowledge and experience in developing and implementing innovative product offerings.
• Strong commercial/entrepreneurial acumen.
• Knowledge and experience in the implementation of electronic platforms and solutions from end to end.
• Knowledge and experience in process mapping and re-engineering.
• Highly developed analytical and perceptive skills.
• Effective organizer and ability to execute impactful change.
• Interpersonal skills and self-empowerment to effectively build and influence relationships.
• Knowledge and effective application of all relevant banking policies, processes, procedures and guidelines to consistently achieve required compliance standards or benchmarks.
• Able to communicate and influence to drive decisions or change in behaviour.
• Self-motivated, assertive and proactive.

PROFESSIONAL CERTIFICATION

• Certification in Product Development, Research and Development and Digital Marketing will be an added advantage.
• Additional certifications e.g. Project management and Process mapping will be an added advantage.