Product Development Specialist

Roles and responsibilities

• Reviews current propositions against market competitors, identifying gaps and proposing recommendations for improvement.
• Identifying and reporting on business opportunities in target markets.
• Support the implementation of the retail strategy for Liability and Insurance products and annual plan to achieve targeted sales and revenue figures.
• Drive development and acquisition strategies of direct sales and branch and alternate channels for acquiring and cross-selling with the overall growth in revenue and profit.
• Interface with sales channels (DS, branches, Tele-Sales) to develop/ improve channels of sourcing and servicing customers.
• Support the increase size of Deposit base through delivery of enhanced propositions which increase sales and reduce attrition.
• Support the Product Manager in interfacing with Sales, Ops, CCRD, IT, Marketing & other departments for rollout of product enhancements, policy changes, training of sales teams, documentation and planned campaigns.
• Timely and effective management of required marketing communications and promotions by liaising with the Marketing team – includes:

-Product Terms & Conditions

-Customer statements

-In Branch Marketing collaterals

-Direst Sales support materials

-Website banners and Online product content

-ATM screens

-Promotional SMS/Email

• Carry out monthly market intelligence on an ongoing basis throughout the year.
• Work with Business Performance team for provision of timely, meaningful MIS from which recommendations for product improvement and enhancement can be made.
• Support Product Manager in preparation of the annual business plans for Liability and Insurance products.
• Perform any other duties or responsibilities that are consistent with the role as assigned by management.

Qualifications:

• Bachelor Degree in Business Administration or any relevant field.
• Minimum 4 years’ experience in similar positions.
• Analytical – Excellent Analytical skills and attention to Details.
• Product Management – Assists in the development of product plans and policies; Coordinate projects; Communicates changes and progress; Completes projects on time and budget; Supports project team activities.
• Communication Skills – Strong verbal and written communication skills.
• Teamwork – Balances team and individual responsibilities; Exhibits objectivity and openness to others’ views; Gives and welcomes feedback; Contributes to building a positive team spirit; Puts success of team above own interests; Supports everyone’s effort to succeed.
• Planning/ Organizing and Control – Prioritizes and plans work activities; Uses time efficiently.
• Leadership & Decision-Making Skills.
• Relationship Management Skills – managing partners (where applicable) to obtain best available services and pricing for the Bank.

Desired candidate profile

. Product Strategy & Planning

• Defining Product Vision: Working with senior management and other departments to define the vision, goals, and objectives for new products.
• Market Research: Conducting research to identify customer needs, market trends, and competitive products. This helps guide the development of new products and ensures they meet market demands.
• Product Roadmap: Developing and maintaining a product development roadmap that outlines the timeline, key milestones, and resource allocation for the product lifecycle.
• Business Case Creation: Creating business cases to justify the development of new products, including cost-benefit analysis, estimated returns, and strategic alignment with company goals.

2. Concept Development & Design

• Concept Ideation: Leading brainstorming sessions to generate ideas for new products, or improvements to existing products. This can involve working closely with designers, engineers, and marketing teams to ensure feasibility and alignment with customer needs.
• Prototyping: Overseeing the creation of product prototypes, testing them for usability, functionality, and market appeal.
• Product Specifications: Defining the technical and design specifications for new products. This could involve detailing product features, materials, production methods, and regulatory requirements.

3. Cross-Functional Collaboration

• Working with Engineering/Design: Collaborating with engineering teams to ensure product designs are feasible, meet quality standards, and align with the defined specifications.
• Marketing & Sales Coordination: Partnering with marketing and sales teams to ensure the product is positioned correctly in the market, with the right messaging and launch plans. This includes coordinating the development of marketing materials and sales training.
• Supply Chain & Manufacturing: Ensuring that the product development process is aligned with the capabilities and capacities of the supply chain and manufacturing teams to meet production goals.

4. Product Development Process Management

• Managing Timelines: Overseeing the product development timeline to ensure that products are delivered on time and within budget.
• Quality Control: Ensuring the product meets the required quality standards and regulatory compliance before it is released to market.
• Risk Management: Identifying potential risks during the product development phase (e.g., delays, cost overruns, technical challenges) and developing mitigation strategies.
• Feedback Loop: Collecting feedback from various stakeholders, including internal teams and customers, to iterate and refine product designs and features.

5. Testing & Validation

• User Testing: Coordinating user testing and market validation for products, ensuring the final product meets the needs of target consumers.
• Feedback Integration: Gathering feedback from beta tests or early product releases and making adjustments to the product before the full-scale launch.
• Regulatory Compliance: Ensuring that the product complies with relevant industry regulations and standards, particularly in highly regulated sectors like healthcare, pharmaceuticals, and technology.