Specialist: Quantitative Analysis

4 weeks ago


Johannesburg, Gauteng, Saudi Arabia Absa Group Limited Absa Full time

Job Description

Product development and enhance product offering.

  • Take full responsibility for execution of new products and enhancements within the business unit product development policy as well as within the provisions of fair customer treatment.
  • Identify and define product optimisation opportunities and strategies e.g., coverage, branding, distribution channels, product collateral, pricing, and performance levels.
  • Understand customer needs from distribution team to develop and drive the customer proposition per segment and product area.
  • Manage each product development by implementing the gated process, from product concept, through to detailed design stage, implementation, and post implementation.
  • Research and investigate product ideas and conduct a detailed preliminary assessment looking at the strategic fit and risks associated with any new product and that all key steps up to product launch are followed and documented as per the new product approval requirements.
  • Make sure that the processes and documentation related to the products are in place through the Product Development area.
  • Conduct a post implementation review in respect of product performance and general progress of all launched products through the new product approval process. This entails assessment of sales performance of the product within a given period e.g., 6 months.
  • Conduct competitor and market intelligence background research for all new product developments. This entails desktop mini research on any published competitor product information as well as through interaction with relevant distribution channels.
  • Manage and prioritise a portfolio of existing and new solutions though a product development pipeline from idea generation and business evaluation in the Product Management area through to development, go-to market and maintenance in the Product Development area.

Research

  • Investigate and embark on a continuous market scanning of Local and International peers to identify and stay abreast of market trends and activities to inform opportunities for new or enhanced products and services.
  • Initiate market research relating to the product alignment to client needs, competitors, and future trends to ensure sustained profitability for Absa and competitive advantage.
  • Engage in networking activities, e.g., attending relevant industry conferences, to stay abreast of changes in the industry, product offering and procedures to absorb the impact of change.
  • Formulate and influence product strategies based on research findings.

Product management

  • Review and modify existing product performance to maximise profitability and meet customer needs.
  • Understand and interpret products based on robust analysis and alignment with the respective portfolio strategy i.e., financial models, customer survey findings and overall product strategy. This insight will help to make informed decisions as to the future direction/strategy of the allocated product portfolio.
  • Assume responsibility for performance monitoring and proactive management of the products by understanding the key performance drivers including behavioural trends, financial indicators, and growth/performance metrics.
  • Review the product offering and profitability on an ongoing basis to determine its penetration to the market, validate budget and make recommendations to expand, maintain or discontinue a given feature.
  • Develop a library with expert knowledge of the relevant product technically and operationally.
  • Undertake regular competitor and non-competitor analysis in terms of product strategy, practices, and proactively initiate product reviews based on trends identified to ensure ongoing product competitiveness.
  • Identify non-profitable investment products from the portfolio and implement corrective actions. This may involve ensuring that product and market research is done to review potential enhancements, liaising with pricing to re-price, or discontinuing the product.
  • Manage product and process changes focusing on evaluating, recommending, and controlling all changes to product and process designs.

Product Governance and Risk Management

  • Monitor and make sure that all products and related activities comply with the relevant legal and regulatory requirements.
  • Ensure compliance to Group policies and guidelines in terms of new product approval, etc. and stay abreast of the changes.
  • Monitor activity and identify trends in product usage with the potential for risk and address these by investigating and driving actions to mitigate.
  • Document and update product processes, forms and manuals including both internal and external documents/forms and information.
  • Assess any potential issues pricing or key features of the product in achieving the projected numbers and develop plans to address them.


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