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The Lead: Program Design and Pricing is responsible for designing a Reward programme that will deliver an exciting value proposition, and enhanced customer experience.
Leading the business to create a programme which embodies; a) High perception of value for clients
b) Meeting cost and return targets as outlined in the bank strategy
c) Accurate forecasting and pricing to eliminate unnecessary pricing risks
d) Enhancement of the the company brand
e) Driving optimal client behaviours
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Strategy & business accountability
- Outline clear and compelling vision in terms of Rewards, translating the vision into a set of clear and actionable initiatives
- Set and communicate a long term strategy that clearly articulates strategic targets and metrics to align the delivery of agreed strategy against the RBB Business strategic objectives and targets and shareholder expectations.
- Stay abreast of industry trends and role players and ensure that RBB is well positioned to provide a competitive and industry leading Rewards program.
- Drive sustainable cost and processing efficiencies through continuous innovation
Programme Design
- Redesign Absa Rewards that enriches the lives of our customers and foster deeper engagement with existing and new financial products and services
- Design and deliver a Rewards program that will differentiate the Absa brand from the competition while creating a dedicated and profitable customer base.
- Continuously monitor and improve client perception of value for Absa Rewards
- Continuously find ways to enhance customer engagement and experience through innovative new value added services and engagement tools.
- Strategically align the companies Rewards with partner business strategies while ensuring that value propositions are innovative and customer centric.
Pricing
- Create integrated view between Rewards programme, VAS and other add on product benefit into coherent proposition framework
- Significantly improve client perception of value for the companies Rewards
- Dramatically enhance customer engagement and experience through innovative new value added services and engagement experience.
- Develop behavioral pricing model across RBB to accurately price desired behavioral change
- Develop appropriate risk scenario analysis to identify breaks in pricing model. The pricing structure bearing in mind current risk models, profitability, new business volumes, cancellations and changes in the market.
- Translate key pricing model into Reward product rules
- Design a tactical programme to ensure faster reward cycle on selected behaviours
- Develop appropriate pricing model to manage the economics of the programme
- Develop and implement an integrated delivery plan across the Non-Banking value chain to deliver value to internal and external customers in an orchestrated fashion in line with the companies Rewards strategy, as well as integrating with partner capabilities.
- Manage and oversee the scenario planning and sensitivity analysis on all proposed pricing strategies for the medium and long term.
- Drive innovation process to gather new ideas to continuously improve the Rewards Programme
- Develop a “toolbox" with principles and strategies for pricing design, implementation and communication based on the feedback from all stakeholders.
- Manage and commission research customer price elasticity and ensure research forms an integral part of medium and long term pricing strategies.
- Optimize the pricing strategies to ensure customer satisfaction, profitability and consistency by constant monitoring of customer behavior and reaction to pricing changes.
- Manage and oversee the collation, modelling, and dissemination of key inputs to pricing such as costs, competitor pricing and customer value.
- Formulate and develop the reward offering and mix and oversee marketing activities to drive more profitable customer behaviours.
- Ensure that the desired client behaviours are clearly reflected in the client.
Stakeholder Management Outputs to deliver this accountability
- Create a network of alliances and business partners to optimize the operation of the value chain.
- Develop, manage and maintain effective relationships with service providers from within the group.
- Develop and maintain a network of alliances throughout the industry, signing up the required alliances to ensure optimal delivery of Financial Solutions.
- Build and maintain strong relationships with all Executives to ensure that the correct long term view is obtained for the growth and success of the Reward program
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- Proactively develop relationships with key external stakeholders, vendors and Industry leaders, including local regulators, key clients and external regulatory bodies to ensure that the company gets
Risk and Governance
- Update and action all risk requirements in line with RBB procedure and policies,
- This includes RCA, Principle Risks, Key Operational Risks, IBAM etc. so as to report on the compliance adherence within data and information management and manage overall business risk reporting
- Inform all Staff of the correct procedure for sign off and approval to achieve compliance and reduce reputational and financial losses
- Deliver strategy to cater for Record Management and business continuity to adhere to compliance and also cater for business continuity.
- Manage Compliance with Data Privacy and CPA.
- Ensure that required regulation and compliance policy is applied as appropriate, e.g. PASA, PSSF, PCI, 3D Secure, Introducer policy, KYC etc.
- Ensure that regular review meetings are held across the partnership landscape and that key SLA items such as BCM, incident management, compliance feedback, etc.
People Management Outputs to deliver this accountability:
- Provide leadership (both strategic and operational leadership) to the Absa Rewards and VAS team related to functional responsibilities and overall business goals aligned to the Rewards & VAS area strategic intent and RBB vision
- Optimize human capital by continuously driving higher performance by ensuring high levels of productivity and conducive interpersonal environment
- Coach team members on all the processes and controls that they have to execute in their daily work and ensure that they understand the reasons for the controls and the consequences for failing to adhere to prescribed processes.
- Develop a high performing team by conducting periodic performance discussions and assisting employees within area of responsibility to prepare the portfolio of evidence for formal performance ï‚· Contribute to the development of Employee Value Proposition (EVP) action plans.
- Develop a high performing team by embedding formal performance development plans and informal coaching as well as training requirements within allocated budgets.
- Ensure behaviors and performance is aligned to the companies values by providing honest and constructive feedback.
- Actively coach and develop staff in their development through institution of career path plan and mentor talent, where possible.
- Keep abreast of developments within area of expertise, reading internal circulars, bulletins, etc. and implement training interventions to ensure imparting of skills and understanding.
- Define the relevant PD objectives relating to the execution and achievement of strategic milestones.
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Education and Experience
Required Essential – Bachelors’ degree (Commerce)or equivalent qualifications (NQF Level 7)
Preferred – Masters (MBA/MBL) or post graduate degree (NQF level 9)
8 years relevant experience within large financial services organizations.
- Senior leadership level in banking or general industry experience delivering world-class client centric financial services solutions (3 years'''''''' senior management experience)
- Extensive experience in designing, managing and pricing customer behavior programme preferable
Knowledge & Skills:
(Maximum of 6)
- Macro understanding of the business environment and how the related Industry is operating
- Interpreting and influencing of strategic signals from external and internal operating environment and translating these into relevant actions
- Experienced turnaround specialist that can simultaneously overhaul business with significant financial constraints while delivering unique customer experience
- Experience in complex pricing
- Experience in deep understanding of retail customer behaviors
- Experience in working with retail partners to understand key value drivers
Competencies: (Maximum of 8 competencies)
- Strategic Capability
- Business Acumen
- Customer Focus
- Results Orientation
- Innovation Leadership
- Problem Solving Leadership
- Inspirational People Leadership
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- Collaboration and Influencing
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