Head- Card and Products - Dubai, United Arab Emirates - aafaq Islamic Finance PSC

Description

Job Purpose: To manage the Product and Services Development Section focused on developing new and enhancing existing products and services to support aafaq's business strategy by exploiting market opportunities and differentiating its offerings to increase profitability, build customer satisfaction and brand loyalty and meet customer needs in the most effective way.

Accountabilities:

Management

· Manage the activities of the Product and Services Development Section and ensure appropriate oversight through control functions, management processes, corporate governance and culture.

· Guide, direct, develop, motivate and manage the performance of all direct reports in line with the Performance Management System to assist in the realisation of their potential and to enhance their knowledge-based skills.

· Maintain a strong Product and Services team through ongoing professional development, with sufficient knowledge, skills, experience and professional qualifications to meet the requirements of the Product and Services Development Section.

· Propose and agree staffing plans and financial budgets including the number of staff while ensuring that the team meets current and future needs in numbers, competencies, motivation and performance.

Planning

· Develop and implement the new product and services development plan in line with aafaq's annual strategic plan to ensure the ongoing development of commercially effective products and services to maximise aafaq's short, medium and long-term profitability.

· Identify and implement action plans to achieve business growth objectives and targets that are in line with the agreed corporate strategy.

Market Research

· Scan the external business environment and keep abreast of developments in the financial sector to identify business opportunities and to develop new products and enhance the features of existing products.

· Research regulatory changes, competitor policies and practices and consumer trends to ensure that aafaq's products and services remain competitive.

· Closely monitor Branch and Outlet business volumes, product and service yields and portfolio movement and other indicators so as to evaluate product and service performance and results.

· Oversee the preparation of feasibility studies to propose suitable pricing policies.

Product and Services Ideation

· Oversee the collaboration with internal stakeholders, including Customer Care, Business, Marketing and IT teams, to brainstorm and generate innovative product ideas.

· Evaluate the feasibility and potential profitability of product and services concepts.

· Work closely with marketing agencies in cooperation with aafaq's Marketing Department to support the development and enhancement of aafaq's products and services.

Product and Service Development

· Manage product and services development and enhancement, launch new products, services and processes which are innovative and relevant to market trends and business strategy.

· Regularly review aafaq's product and service portfolio to advise management on deletion of obsolete products, identify products that need revitalising and gaps which need to be plugged by new offerings.

· Forecast the financial viability of new products and services to maximise financial profitability.

· Identify, prioritise and design effective processes to maintain a competitive edge in the market on product initiatives while ensuring adherence to the Company's policies and code of conduct.

Competitive Analysis

· Oversee the continuous monitoring of the competitive landscape to identify emerging trends and potential threats.

· Benchmark the organisation's products against industry standards and competitors.

Risk Assessment

· Oversee the collaboration with Risk and Compliance teams to assess and mitigate potential risks associated with new product offerings.

· Ensure compliance with relevant financial regulations and industry standards.

Product Launch

· Oversee the planning and execution of product and services launches, including marketing campaigns and distribution strategies.

· Monitor promotional campaigns, activities and road shows to leverage the product effectively across all sourcing channels.

· Monitor product and services performance post-launch and make necessary adjustments to optimise outcomes.

Product Testing and Evaluation

· Oversee the testing and quality assurance processes to ensure that products and services meet performance and security standards.

· Oversee feedback gathering and usability testing to improve the customer experience.

Performance Monitoring

· Oversee the development of key performance indicators (KPIs) to measure the success and adoption of new products and services.

· Regularly assess product performance and make data-driven recommendations for enhancements or adjustments.

Marketing

· Monitor pre-launch progress and develop plans to launch products to ensure that products and services are presented in the most attractive, arresting and effective manner to customers and the public at large.

· Oversee the development of effective campaigns in order to leverage the product effectively across all sourcing channels.

· Open profitable target segments for existing products, ensuring competitive risk acceptance criteria and enhancing existing products.

· Work with the Marketing Department to ensure appropriate media coverage is given to the launch of new products and to secure ongoing and renewed interest in established products.

Cross-functional Collaboration

· Foster strong relationships with cross-functional teams, such as Customer Care, Marketing, Business and IT, to ensure seamless product and services development and launch processes.

Manage and run new initiatives, projects, campaigns and tasks with identified entities.

Education/Qualification

• Bachelor's degree with specialisation in Banking, Finance, Marketing or Business Administration.
• Master's degree with specialisation in Marketing or Finance would be an advantage.

Experience (experience required for the job)

• A minimum of 10 years' experience in the field of product and service development of which at least 5 years managing a product and service development section in the financial services industry, ideally working with Islamic financial products.

Skills (general job knowledge and skills)

• Excellent spoken and written communication, in both English and Arabic; Arabic is not mandatory
• Interpersonal skills with different levels of management
• Excellent analytical and research skills
• Presentation skills
• Strong understanding of banking and financial services sector
• Knowledge of marketing and its role in financial operations would be desirable
• Knowledge of market research techniques and tools
• Project management and planning and organisational skills
• Strong understanding of financial products, services, and regulatory requirements
• Well acquainted with Islamic banking and finance and Shari'a norms to structure products
• Ability to assess customer needs and develop products that suit their requirements
• Ability to adapt to changing market conditions and customer needs.