Position Title: Head – Products Development
Reports to: CEO – IFMR Rural Finance
Department: Operations
Job Objective
To design, test and scale-up products in KGFS in line with the customer requirements to support the achievement of KGFS objectives. Manage the Products & Processes function to ensure that appropriate products are rolled out in the respective KGFSs and products and processes are enhanced constantly to meet the changing requirements.
Key Accountabilities
- Product Strategy
- Provides leadership, expertise and professional advice to the KGFS on Products, Processes and related issues to ensure the definition and implementation of effective and sustainable strategies that support the achievement of its goals and objectives.
- Review the products and processes at periodic intervals and analyse the product effectiveness and efficiency to redefine the product and processes whenever required.
- Ensure that the dormant products are analysed and appropriate measures are taken to redefine products and processes.
- Organisation Structure – Policies & Procedures
- Design, develop and implement effective team structure for Products & Processes function.
- Design, develop and implement the product manual.
- Service Provider Management
- Identify, evaluate and appoint service providers to ensure that KGFS obtains relevant, high quality cost-effective and customer friendly service.
- Constantly evaluate the services offered by service providers and ensure high quality cost-effective, customer friendly service.
- Data analysis, management & Reporting
- Evaluate existing products, analyse supporting data and initiate appropriate action to ensure that the product mix meets the business requirements.
- Monitor and evaluate the market research results and other inputs obtained from various sources by the team.
- Develop and implement appropriate data management and reporting systems to ensure business needs for information are met and effective reporting on the products and processes deployed in each KGFS.
- Training
- Provide support to the training team by keeping them abreast with all the developments in products and processes.
- Authorise the training materials developed.
- Continuous Improvement
- Maintain awareness of the trends and best practices in the industry both internationally and nationally and recommend implementation of suitable products, processes and related strategies in the organisation.
- Leadership
- Ensure effective achievement of functional objectives through the leadership of the Products & Processes function – setting individual objectives, managing performance, developing and motivating staff, provision of formal and informal feedback & appraisal – in order to maximise functional performance.
- Budgeting & Cost Control
- Direct the preparation of the Products & Processes department budget and monitor financial performance versus the budget so that the business is aware of anticipated costs/revenues, areas of unsatisfactory performance are identified and potential performance improvement opportunities are capitalised upon.
- Product Development life cycle
- Direct and monitor the product development life cycle by establishing the procedure for initiating market research, identify requirements, design and develop products and processes, pilot test the product, train the respective representatives from each KGFS, Deploy the product and constantly review the product at regular intervals.
- Present the product to "Product Approval Committee" and obtain approval to pilot test the product and process.
- Approve product deployment in respective KGFS after pilot test.
- Utilise technology to ensure high quality cost effective customer service.
- Product Marketing
- Ensure appropriate marketing for each product across KGFS.
- Ensure product awareness among the customers.
- Products & Processes Governance
Directs and manages the development and operation of the Products & Processes Governance function.
Includes
- Audit – quality, metrics, policies, process and procedures, compliance and risk.
- Delivery and Support – Business continuity, capacity planning, change management and services management.
- Standardisation – Product offerings in KGFS branches and across KGFSs, processes associated with the products.
Performance Indicators
- A range of products developed and deployed consistent with the unique needs of each KGFS
- A smooth and well-managed process for product research, testing and roll-out
- Product and process strategies are documented, communicated and implemented
- Standardised processes for a product defined
- Availability of accurate and up to date information related to the product for the front-line staff
- Up to date with industry practices and relevant products and processes in all KGFS
- Accuracy of Financial variance versus budget and budgets prepared within budgeting process timescales
- Compliance with regulatory requirements of RBI, SEBI and IRDA
Job Context
- The candidate is the in house expert on the prevalent industry norms and all financial products and provides advice based on business requirements and customer needs
- The candidate bridges the unique local needs of the KGFS entities and the central product and risk guidelines
- Evaluate products and processes and enhance/amend the product and process to suit the requirements
- Develop and establish policies and procedures at department level
- Recommend the staffing structure for Products and Processes and participate in the recruitment, selection, transfer and promotion of staff
- Part of the core team that evolves the strategic direction for KGFS
Qualifications, Experience & Skills
Minimum Qualification
- Post-graduate degree in any discipline
- Qualifications in Computational Finance/Financial Engineering preferred
Minimum Experience
- 5 years of experience in a financial services institution with a wide range of services and products
- Specific experience in analytics, business intelligence, product development preferred
- Product sales background not desired
Skills
- Project Management
- Market research and analysis
- Knowledge of Statistical tools
- Familiarity with technology back-ends such as core banking
- Expertise in mobile platforms preferred
- Familiar with Regulation of RBI, SEBI and IRDA
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