Reports To: Head: Digital Channels & eCommerce

Job Purpose:

To provide the strategic direction for Digital Channels for Retail Banking. This includes planning the Retail Banking digital journey and planning and prioritising the development of digital products and solutions for Retail Banking and retail banking customers.
Leading the digital transformation for Retail Banking by identifying and applying the changes required to the organisational structures, processes, capabilities and
culture in order to achieve its successful digital transformation and providing expertise in exploiting technology and new ways of working to reduce
organisational complexity, improve efficiency, and achieve the Retail Banking business growth.
Driving and supporting the provision of digital products to retail banking customers and ensuring new or enhanced digital products and features are delivered to customers.
Focusing on the continuous improvement and optimisation of digital products, processes and services and fostering an agile approach and methodology.Key Responsibilities:

Digital Channels Management
- Responsible for the Retail Banking Digital Channels Profit & Loss (P&L).
- Responsible for the management of the quantitative side of product management. This entails financial
responsibility for the investment budget; determining the investment budget; and monitoring revenue margin.

Digital Channels Business Performance Management and Measurement
- Measure the performance of the investment, fulfilment, service and sales on the digital channels. The
criteria used are grouped into three categories as follows:
- Financial and resource performance:
a. This refers to the finance and resource utilisation dimensions used to measure channel
performance, and includes:
b. Gross and net margin performance, as measured by levels achieved against budget and the
previous year’s margin levels.
c. Optimisation of sales level, as measured by levels achieved against budget and other sales levels
benchmarks.
d. Level of market share achieved, as measured by levels achieved against target level and other
market share benchmark for Retail Banking.
- Digital Channels customer experience and satisfaction:
a. Minimal level of customer complaints and service failures, as measured by levels achieved against
target.
b. On-time delivery of ''goods'' (e.g., cards delivery; money in account), as measured by levels
achieved against service targets.
c. Consistent quality of service, as measured by levels of customer satisfaction scores.
- Digital Channels innovation and market development:
a. Development of distinct competitive advantage in terms of digital channels product and features
ranges, first-to-market and quality, as measured by customers and against competition.
b. Level of success achieved in relation to the introduction of new product development; the
enhancement of existing products; and the extension of features, as measured by the previous
year’s performance, the terms of the development strategy and the competition.
c. Speed of reaction to changes in demand at the macro and micro level, as measured by time-tomarket,
minimal levels of digital dormant customers and the profitable optimisation of sales and
service (service to sell).
d. Level of development with respect to the creation of possible new market segments and niches, as
measured against the previous year’s performance.

Trend Management
- Formalise the Digital Channels trend management as an ongoing activity for the planning, building and
running of the digital channels.
- Ensure a review of consumer trends and developments occurs at least on a twice-yearly basis for the
Retail Banking Digital Channels.

Macro-level Consumer Trend Tracking
- Responsible for commissioning Digital Channels external research, with the task of undertaking primary
research with consumers on behalf of Retail Banking.
a. These studies may be longitudinal in order that Retail Banking can come to understand how
consumers’ needs and wants change over time.
b. In other instances, the research may be an ‘ad hoc’ exercise that has been commissioned in order
to investigate a specific trend of the market.
- Works with additional internal source of market-level customer trend data from the internal market
research department charged with the responsibility of coordinating other market intelligence gathering
(e.g., undertaking primary data collection and overseeing the activities of commissioned research
companies).

Micro-level Consumer Trend Tracking
- Responsible for the analysis of Retail Banking digital channels micro-level consumer trends.
a. Drawing from trade sources, and consumer behaviour, considers the consumption patterns of the
retail banking target customers with respect to specific product categories with a view to being
able to create successful digital products in the future.
- Examines a number of other factors in order to generate an intimate profile of the digital customer
purchasing habits, and these include consideration of:
a. average transaction value;
b. average selling price for specific products;
c. best-selling products;
d. worst-selling products;
e. linked sales (i.e., those products that are purchased at the same time); or cross-sell;
f. time and place of purchase.

Competitor Trend Tracking
- The jobholder must have a deep understanding of competitor activity, as well as a clear and
comprehensive understanding of the consumer.
- This competence is required as the jobholder is responsible for developing adequate defensive strategies
in order to secure customer loyalty, exploit their weaknesses, gain inspiration and ideas from their
strengths, and be prepared for any new initiatives that the competition may adopt.

Market Product Trend Tracking
- Define a comprehensive analysis of changes and developments with respect to digital products in the
market. This includes three product trend dimensions from competitors:
a. forecasted/pipeline developments;
b. imminent and recent product launches;
c. upgrading/extension of current product range activities.

Digital Channels Planning and Product Creation
- Responsible for the plan, design and creation of a Digital Channels coherent strategy that is
complementary in how it serves retail banking customers.
- Shape the customer experience across retail banking digital touch points (online, mobile and cell phone
experiences).
- Build new digital product and service that currently do not exist on digital channels, thus creating new
revenue streams and new service opportunities.
- Launche new feature/digital products or extends the digital product/feature lines.
- Modify or extend existing digital products or digital services to create additional value from existing digital
products.
- Make current product/feature/service more ''buyable'' through the design of new or additional features.
Streamlines existing digital products/services.
- Develop the channels in line with the ''liquid box” principles as a golden thread running through the digital
experience across channels.
- Extend the digital product range and service range.
- Responsible for what has been described as the ‘qualitative side of buying’ by taking control and
identifying the requirements of the market, in terms of digital products and services needed, and
determining which products would best satisfy retail banking customer needs.
- Undertake regular analysis of market opportunities and identifies profitable market opportunities for the
Retail Banking business. This necessitates an analysis of
trends and developments in consumer behaviour in general and buying behaviour in particular.

Digital Channels Product Promotion, Usage and Commercialisation/Adoption
- Drive the promotional mix component, the range of promotional elements from which the Retail Banking
digital channels select to communicate with existing and potential customers. Traditionally, this includes
personal selling, advertising, sales promotion and publicity.
- Create awareness of a new online store. This requires investing significantly in advertising through
traditional as well as new media (digital marketing of products and features).
- Increase the amount and scope of promotional activities for digital channels.
- Monitor the impact of campaigns on digital sales, adoption and commercialisation, including:
a. strategic objectives;
b. audience to be reached;
c. size of the market;
d. the message or product to be promoted;
e. relative cost and benefits;
- Drive the process of products and features commercialisation of the new product in the market. Typically,
this will involve the Merchandising/Digital Marketing team ensuring its maximum promotion on digital
media.
- At the early stages of full market commercialisation, ensures close monitoring of the performance of the
new digital product, as well as the impact of the introduction of new features on the sales of existing
lines.
- Assume responsibility for the actual presentation of the digital “eStore” product ranges, and their
presentation plans, based upon consumer needs and business strategic objectives.
- Evaluate competitor performance, particularly in terms of competitors’ development of new products and
services. From this evaluation, identifies continuing and new market opportunities for Retail Banking, and
from this develops a sales/eCommerce plan for the digital channels.
- Substantiated by sound market and competitor analysis, details the nature and characteristics of the
product range in terms of its breadth (the range of different product categories) and depth (the choice of
products within a specific category).
- The sales plan must also include a forecast of future sales and profit margins within each product
category. This plan is then used as the basis for determining retail forecast levels within Standard Bank’s
Retail Banking. In addition, a sales and profit budget per week, month, quarter and year must also be
included.
- Responsible for the allocation of the “digital real estate/space” in the digital store to specific product
ranges (i.e., this is referred to as “digital space” planning). Their allocation is informed by the digital
banking team sales plans, the sales projections and targets and the Retail Banking business objectives,
as they pertain to sales and revenue optimisation.
- Furthermore, the allocation of digital space to particular ranges may be based upon agreements made
with manufacturers, as well as other external product houses (who agree to pay the retailer a retainer for
access to key locations within the digital store – for example, Samsung and Apple deals on the home
page of the website).
- Responsible for digital product scheduling, i.e., the detailed timing of shelf-life, such as changes in
stacking order of banking products depending on seasonality, economic climate to best serve the Retail
Banking business objectives.

Digital Channels Product Distribution and Fulfilment
- Responsible for designing the fulfilment process, will includes:
a. Planning and control of the fulfilment process—dealing with quality, quantity, delivery time and
cost of origination and services to meet customer requirements.
b. Planning operations (working with operations)—detailing each operation required for consistent
results, such as staffing levels per product, to realise intended benefits associated with customer
service and sales.
c. Back-office facilities design, layout and handling of documents and materials—to maximise speed
and efficiency of product delivery into customers’ hands (service to sell).
d. Inventory planning and control—making sure there is sufficient capacity, staff and resources to
assist in the realisation of the bank’s vision to be the “Amazon of financial services”.
e. Quality control—continuous checking and evaluation of fulfilment processes, operations and
service.
f. Sales & distribution (e-selling/sales function);
g. Sales (what product takes precedence, where and when?) and e-fulfilment (the last mile problem
thinking in Internet times).
- Responsible for identifying and selecting appropriate sources of fulfilment/distribution processes to
achieve the “Amazon of financial services” vision.
- Responsible for the performance management of fulfilment. Motivated by the desire to improve profit
margins and secure customer loyalty through convenience and distribution exclusivity, assumes
significant control over the fulfilment process, principally by determining the quality of delivery.
- Drive the required changes in the value chain with fulfilment and operations adhering to strict
performance criteria, particularly in relation to response time, product quality standards, and availability
levels.
- Bring about physical and essential evidence in how the service part of the digital shopping experience is
made tangible (or made physical) for customers and potential customers, e.g., the digital welcome pack.
- Integrate physical and essential evidence with the rest of the marketing offer to avoid contradiction in the
quality of the Bank’s service provision, customer confusion and dissatisfaction.

Technical Competencies:

Financial Acumen
Knowledge and understanding of costing, budgeting and finance concepts and the understanding and
application of related processes and procedures.
ADVANCED - Mastered the concept, able to act independently, provides guidance and training to others

Qualifications:

Masters Degree Business Commerce
Masters Degree Mathematical Sciences

Experience:

- Relationship Banking 7-10 Years
Minimum of 10 years, overall
working experience.
- Relationship Banking 7-10 Years
- Minimum of 8 years in a digital environment (e.g., in
retail, financial services, technology organisations).
- This includes experience in driving strategic digital/mobile/online initiatives, digital transformation (e.g., digital strategy, global organisation online revenue/service roadmaps, online banking planning, design and build).
- Relationship Banking 5-7 Years
- 5 years’ experience in people management, leading
teams and motivating people.