Product Manager – Transactional at Bidvest Bank

Primary Purpose

The successful incumbent will be responsible for the management of the Card Issuing portfoli t ensure sustainability and competitiveness through developing features and solutions; ownership of the income statement t drive revenue and reduce costs; conducting market research; generating product requirements; sales and marketing initiatives; determining specifications production timetables; pricing; time-integrated plans for product introduction; developing strategies for the product in line with the Bank’s strategic objectives; whilst ensuring that the appropriate governance is applied.

Minimum Requirements

• Bachelor’s Degree in Commerce or equivalent.
• Post Graduate qualification in Commerce would be ideal.
• 7 years’ work experience, of which 4 years was in product development and/or management and 2-3 years general banking experience
• Duties and Responsibilities include but not limited to:

FINANCIAL MANAGEMENT

•  Manage the income statement and drive economic profit by ensuring that products are profitable and meets customer needs.
•  Determines product pricing by utilizing market research data; reviewing production and sales costs; anticipating volume; costing special and customized orders.
•  Understand business requirements and put together plans in terms of growing the business.
• (short-term and long-term)
•  Executing, tracking, and leveraging revenue and cost items.
•  Ensure financial objectives for are met by overseeing forecasting requirements; preparing a- consolidated annual budget; analysing overall variances; and direct corrective actions within the team.
•  Analyse reasons for variances and which levers t pull t ensure that budget is achieved. Advise the product managers what changes t implement.
•  Provide input int the budget process and the sales targets.
•  Working with sales staff t develop product sales strategies.
•  Working with marketing staff t deliver integrated marketing plans.
•  Monitor activities and costs related t utilisation of resources required t meet operational requirements.
•  Continuously review performance of the area against scorecards, targets, and processes t address any gaps.

 Measures:

•  Increased portfoli size
•  Achievement of financial targets
•  Increase Market Share

CUSTOMER CENTRICITY

•  Review customer requirements and address product-related queries and complaints
•  Engage with external parties, e.g. PASA, Visa and MasterCard and vendors, e.g. Emid, DT and APW t maximize their performance and build constructive relationships
•  Provide support t front-line sales with product knowledge, customer queries and pricing.
•  Resolving customer queries across the product suites
•  Develop and maintain relationships with internal stakeholders t ensure success of projects and t deliver the required products and services.
•  Assist and support technical teams with queries relating t any ongoing analysis, development, and operations.
•  Respond in a timely manner t all requests and enquiries for product information or changes.

OPERTIONAL EXCELLENCE

•  Recommends the nature and scope of present and future product lines by reviewing product specifications and requirements, appraising new product ideas and/or product or packaging changes.
•  Ensuring competitive analysis on similar products which other competitors offer.
•  Translate product strategy int detailed requirements and prototypes.
•  Scope and prioritize activities based on business and customer impact.
•  Implementation of a new product/idea in accordance with the analysis.
•  Downtime management: proactive management of Card Products, setting up critsit meetings with vendors and key operations staff, ensuring proper communication with internal stakeholders and external stakeholders and customers.
•  Develop contingency plans t be deployed in events of failures.

DATA MANAGEMENT

• Work closely with Data Team t ensure data and reporting are developed adequately to:
•  Provide Customer Insights
•  Product Insights
•  Optimise products and identify opportunities through data led findings

STAKEHOLDER MANAGEMENT

•  Review customer requirements and address product-related queries and complaints, including assisting with special rate requests.
•  Engage with external parties, e.g., PASA, Visa and MasterCard and vendors, e.g. Emid, DT and APW t maximize their performance and build constructive relationships
•  Provide support t front-line sales with product knowledge, customer queries and pricing / rate changes.
•  Resolving customer queries across the product suites
•  Develop and maintain relationships with internal stakeholders t ensure success of projects and t deliver the required products and services.
•  Assist and support technical teams with queries relating t any ongoing analysis, development, and operations.
•  Respond in a timely manner t all requests and enquiries for product information or changes.

PODUCT DEVELOPMENT

•  Develop and test new products and/or implement product enhancements based on an approved Business Case provided by Product Manager (after Project Steerc approval)
•  Ensure products are developed for individual and/or business clients as per the following methodology and/or deliverables:
•  Product Plan and Strategy – includes all the ‘P’s, e.g., Product features, benefits; pricing; distribution- and service channels; processes & procedures; SWOT
•  Evaluate the company products and compare them against industry trends.
•  Assisting with input int established processes, e.g. New Product Approval; Project Management; Business Analyst engagement; Business Requirement specifications; Test plans; Change Management
•  Documentation and reference material for customers and staff, e.g. User Guides, Forms and Manuals
• Briefing and driving the relevant departments, e.g. Marketing, Sales Campaigns, Training and Call Centre t ensure that all functions achieve the required objectives

LEARNING AND GROWTH

•  Take ownership for driving own career development.
•  Prepare and obtain sign off on your Personal Development Plan
•  Achieve the objectives/milestones set out in the development plan.
•  Review performance on a regular basis (monthly, quarterly, and annually)