Job Purpose
The role holder will be responsible for developing the Business Strategy for the Retail & Digital Banking Business, providing leadership for successful achievement of the Business goals, and minimizing risk in the Business.
This is a senior role, where the holder will advocate, develop, and communicate the Retail & Digital Banking vision and strategy to all stakeholders across the business. The incumbent will also articulate the value of “Digital Banking” and integrate into the business operating model from the perspective of sales revenue, cost savings, customer experiences and operational efficiencies.
Key Responsibilities/Tasks
1. Revenue Growth & Profitability:
- Formulate Retail & Digital Banking budget and develop capability to achieve set targets as per the bank’s strategy.
- Generating revenue and driving growth in market share in the Retail & Digital banking business through the implementation of effective strategies for Sales, Customer Retention and Market penetration.
- Drive the bank’s profitability objective by growing a balanced portfolio within the retail segment by initiating partnerships to drive profitable products with key partners alongside other initiatives.
2. Branch Business (branches, direct sales, agency & workplace banking)
- Orchestrate the efficient and effective functioning of the branch network team, direct sales teams, agency relationships and workplace banking initiatives.
- Ensure optimization of customer engagement, ensuring consistent service quality, and driving revenue generation through personalized financial solutions.
- Supervise and monitor the branch’s Profitability and NPL/potential NPL.
- Champion and manage business acquisition strategy for the segment through retention, generic growth, and acquisition of new customers.
- Acquiring and developing new key accounts and strategic partnerships by reactivating dormant accounts.
- Strong ability to adapt to evolving customer needs and preferences.
3. Select Banking
- Develop strategies to attract and retain high-value customers, delivering personalized banking solutions and wealth management services while also ensuring the delivery of exceptional customer experiences.
- Lead the Select banking team towards fostering strong client relationships, driving revenue growth, and solidifying the bank’s reputation as a premier provider of tailored financial solutions for high-net-worth individuals.
4. Liabilities Business & Channels:
- Ensure growth and diversification of the bank’s Liabilities as per bank’s annual targets (maintenance of health margins and balanced MIS).
- Champion new product development & pricing/ existing product reviews / solutions guided by technical feasibility, commercial viability, market compatibility and ensure alignment with financial attractiveness, and product development guidelines.
- Develop and oversee the execution of channels strategy, optimizing online, ATMs, and mobile banking platforms to provide customers with a seamless banking experience.
- Be a key advocate of the bank’s digital development relating to payments and the delivery of digital products and services.
- Responsible for the P&L of the digital channels/products
- Build alliances and partnerships to generate revenue streams and increasing the bank’s digital footprint.
- Maintain an understanding of external competitive digital developments and their impact on the bank’s business.
5. Customer Function:
A. Digital Lending
- Design and drive the implementation of digital lending products through strategic partnerships with MNOs and Fintech. Optimize existing experiences to drive KPIs.
- Responsible for the P&L of digital lending business.
B. Retail Lending & SME Business
- Formulate and execute strategies that foster growth and sustainability for retail lending proposition.
- Design/launch a suite of financial products tailored to the SMEs requirements.
- Lead efforts to build strong relationships with Retail/ SME clients, understanding their needs, and preferences.
- Develop strategies to attract new Retail/SME clients to the bank, including innovative marketing campaigns and partnership initiatives.
C. Customer Service:
- Develop comprehensive customer experience strategy in line with the bank’s vision.
- Oversee key customer experience processes, including but not limited to customer contact, complaint management, referral management and customer retention.
- Monitor and review customer service in order to retain and develop an optimum customer base for the bank and conduct customer service surveys to ascertain the level of customer satisfaction.
- Research and evaluate trends in the market /industry and establish strategic customer feedback channels to ensure that Retail’s products and Services are relevant and competitive at all times.
D. Marketing and Corporate Communications
- Responsible for shaping the bank’s brand identity and driving revenue growth through strategic marketing initiatives and effective communication strategies.
- Enhance the bank’s visibility, building customer loyalty, and promoting a consistent brand image across all touchpoints.
- Maintain a positive relationship with both internal and external stakeholders through effective communication aligned to the bank’s goals, values, and objectives.
Other Business Development units (Bancassurance & Custodial services business)
- Forge strategic partnerships with insurance providers, enabling the bank to offer a comprehensive range of insurance products.
- Formulate strategies to promote insurance offerings and enhance customer awareness and usage of insurance products,
- Oversee the strategic development and execution of custodial offerings, ensuring seamless and secure management of customers’ financial assets.
- Design strategies to attract institutional clients, financial firms, and high-net-worth individuals seeking secure asset management solutions.
- Identify cross-selling opportunities, such as integration with other products/services, thereby enriching the bank’s product portfolio and enhancing its competitive edge.
Stakeholder Engagement & Relationship Management:
- Collaborating with Management and other key stakeholders on topline goals, planning, forecasting, and maintaining short and long – term business development plans in line with the bank’s strategy.
- Establish and maintain professional relationships through networking with key stakeholders including intermediaries within the retail segment.
- Host relevant functions to seek opportunities to develop strong relationships and business bonds.
Risk Management:
- Coordinate the review of risk control self-assessments (RCSA) for Retail and Digital Banking in liaison with Head of Risk & Compliance
- Take primary responsibility for managing and minimizing the inherent and potential Risks in all areas of the business (Legal, Credit, Market, Operational, Reputational, AML and People) by working closely with the Risk Management Function to develop and implement policies and procedures that provide assurance against risk in the overall Retail business.
- Drive remediation of risk management exceptions identified during audit or risk reviews
People Management:
- Provide leadership for the Retail and Digital Banking team through clearly communicating strategy and goals and coaching sessions.
- Manage employee performance and competence development to ensure delivery of business plans.
- Role Model the Brand and Values of the bank in the internal and external market environment.
Key Competencies & Attributes
- Strong strategic thinking, problem-solving abilities, and a deep understanding of retail banking products, regulations, and industry trends.
- Proven experience in team management, supervision or leadership within a customer facing environment, including performance management, people development, coaching or mentoring experience.
- Exceptional leadership skills, including the ability to inspire, mentor, and lead diverse teams to achieve common goals.
- Excellent communication, negotiation, and interpersonal skills to build and maintain relationships with internal and external stakeholders.
- Adept at navigating the digital landscape and driving innovation in digital banking products and services.
- Visionary mindset with the ability to anticipate market changes and adapt the bank’s strategies accordingly.
Qualifications
- Bachelor’s degree in commerce/Business related field.
- Master’s Degree/MBA or Professional qualification in banking or related field is a plus.
- Have a minimum of 10 years of progressive experience in retail banking, including at least 5 years in a leadership capacity.
- Proven record of successfully driving revenue growth, enhancing customer experiences, and leading cross-functional teams.
