BANK OF AFRICA - KENYA LIMITED (BOA-KENYA) is a commercial bank providing banking services to corporate, SME and retail clientele. The bank is seeking a Product Development Manager to lead the formulation and implementation of comprehensive product strategies. The role involves identifying emerging trends, ensuring regulatory compliance, and managing the end-to-end development of financial products and services from ideation to post-launch evaluation.
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 the 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, the 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 the 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.
Requirements
Bachelor’s degree in Business Administration, Finance, Economics, Marketing, or a related field.
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.
Professional certification in product management, project management, or a related field is desirable but not mandatory.
Competencies and Attributes
Market Insight: A deep understanding of market dynamics, customer preferences, and competitive landscape.
Strategic Planning: Capacity to develop and execute comprehensive product development plans aligned with the bank’s strategic objectives.
Analytical Skills: Attentive to details with the ability to analyze competitor products and the bank’s products.
Communication: Effective communication skills to articulate product strategies and influence stakeholders at all levels.
Leadership: Ability to lead cross-functional teams, foster collaboration, and drive consensus.
Interested and qualified candidates should apply online by visiting the application link on the official career portal: https://www.myjobmag.co.ke/apply-now/1165529. This will redirect you to the application section for Bank of Africa Kenya Limited on boakenya.com.
