Job Summary
• Drive a sustainable business model through a robust RBB strategy aligned to the organization’s objectives.
• Full ownership of the Liabilities Revenue and B P&L and ensuring the business unit delivers to the agreed objectives.
• To manage the liabilities 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 teams to ensure the team is developed and supported to deliver results.
• Build relationships with internal service providers including Marketing, Communications, Technology and Operations and ensure that service level agreements are implemented and maintained where appropriate.
• Ensure compliance to Bank controls, policy, service standards and procedures as laid down by the bank through a robust controls framework.
Job Description
Key accountabilities
Team Leadership 30%
- 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.
- 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 Liability Revenue income targets are met for RBB products through leading and evolving the liability product pricing strategy.
- Stay abreast of industry trends, role players and opportunities and challenges to ensure that the RBB liability 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
- Contribute ideas for alternative RBB product strategies to manage the 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.
- Interact with the Head of Direct Sales, Proposition Heads and Regional Managers in the Branch network to provide input into sales strategies.
- 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 digitization agenda and relevant transformation initiatives
Drive Business Performance 30%
- Provide clear direction to the liabilities 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.
- Ensure that team members abide by required project governance standards for implementation of new products or launch of new distribution channels.
Role/person specification
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 and 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.
Technical Competencies
- P & L Management
- Project Management Skills
- Assets & Liability Management
- Strong Analytical & numerical Skills
- Business case development
- Product design and development
- Risk Management
Behavioral Competencies
- Stakeholder management and influencing
- People Management Skills
- Collaboration
- Leading change
Cognitive Competencies
- Independent judgment & discretion
- Entrepreneurial and commercial thinking
***Application deadline July 12, 2024
Education
Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)