Commercial Lead Digital

Woolworths Financial Services | Full time
Cape Town, South Africa | Posted on 02/29/2024
WoolworthsFinancial Services, or WFS as it is better known, is a JointVenture with Absa Bank, that supports the Woolworths retailbusiness by providing in-storecredit inthe formof the Woolworths StoreCard andoffering value-addedservices including credit cards, personal loans and short-terminsurance as well as life insurance linked to otherproducts.

Job Description Woolworths Financial Services follows aWork-in-Hybrid work structure which requires employees to work from home forthe majority of their time with some rotation into office. MAIN PURPOSE: This  role is responsible for cascading the overarching WFS digital product strategy, owning associateddigital product roadmaps, ensuring the commercial viability of our offerings,and enhancing both financial returns and exceptional customer experience. Theprimary objective of the role is to commercialise both existing and new digitalproducts and capabilities through identifying Customer Value Proposition (CVP)opportunities that improve the total customer experience and deliver businessvalue to the enterprise. The individual will be responsible for implementingstrategic change and enhancements, that harness the best of what is offered inthe digital marketplace, both locally and globally. In addition, the role isresponsible for embedding digital as a pivotal strategic enabler across the WFSproduct portfolio and beyond.
KEY RESPONSIBILITIES: Strategic alignment and contribution Together with Head ofDigital, craft the digital product strategy, relevant to the commercial side ofthe business, based on an understanding of the WFS context and aligned to the WFS strategy. Drive digital productdevelopment, encompassing conceptualisation, design, development, business and valuecase, in support of the overarching WFS strategy. Collaborate with the WFSCustomer team to ensure alignment of the WFS digital products to the customerstrategy and essence of WFS as an entity. Commercialise the productstrategy for the digital business as a digital champion across WFS, positioningthe product strategy as an accelerator of the CVP, and a core driver of valueand revenue creation. Draw upon market andbroader external views to understand both current and future customer,competitor, and industry developments within the digital arena. Undertakeon-going competitor analysis and benchmarking activities in this regard. Collaborate with otherbusiness units to sponsor or support and deliver product solutions, enabled bydigital, that meet current customer needs and emerging expectations. Lead the process ofbringing digital product concepts to customers. Own the holistic digitalproduct roadmaps for web and app, ensuring both strategic alignment, maximumcommercial and CVP value creation. Engage with keystakeholders across WFS, in particular Product Managers and Woolworths, toensure that the digital application-level roadmaps align to the overall digitalproduct strategy e.g., digital on-boarding as an application within WFS' webcapability. Drive potential CVPopportunities, by ensuring that the development of roadmaps is an iterative andcontinual process. Work in collaboration withthe WFS Digital Factory, WWOL, WWIT and WFS PMO in owning the prioritisationand delivery of critical roadmap milestones. Identify new Digital CVPopportunities through existing and new digital capabilities (i.e., framing newproducts from existing partners and/or identifying potential new partner Products). Maintain an "outwardthinking" focus across WFS as an enterprise, and beyond through conducting dynamiccompetitor analyses and maintain abreast of iterative and expansive elementswithin the Digital marketplace, both locally and globally. Explore the monetisation ofdigital offerings; analyse the potential projected value thereof and pursueviable opportunities accordingly. Revenue and channel management Maximise value creationfrom both new and existing digital products (i.e., digital onboarding anddigital CLI). Engage in the marketing ofnewly created and existing digital products (or with digital as an enabler). Elevate insights to focusthe Digital strategy on distinct customer needs, thereby enhancing valuepropositions to WFS's existing and target customer bases, to offer Continualcompelling and attractive offerings. Create and implementoperational plans to achieve the scalability requirements of the Commercialbusiness. Own commercial targets(KPI's and OKR's) for each channel (comprising of multiple products andfeatures), maintaining focus on ensuring that Digital offers and delivers on acompelling Customer Experience (CX) and Financial Value, and consequentlydrives aspirant scalability and growth. Provide specialist adviceand guidance to other areas of the business to achieve commercial targets, witha particular focus on optimising customer journeys within Digital channels(e.g., by utilising straight through processing, to process transactions faster). Maintain close and criticalliaison with Product and Marketing teams, overlayed with a deep understandingof customer behaviour, to drive new and non-digital customers to Digitalchannels. Work closely with thedigital operational team to help ensure that customer expectations aresustainably met, and associated targets are achieved. Identify innovationopportunities for digital that offer maximum commercial potential and thehighest propensity to increase or change customer behaviour; collaborate withthe Head of Digital in building and implementing opportunities. Contribute to the review ofDigital marketing campaigns, and drive insights for continuous improvement. Recommend adjustments toDigital product offerings as early customer perceptions of new products shapethe CVP e.g., adopt a 'test and learn approach'. Quantify metrics andtargets for success of the digital products and develop strategies and tacticsto achieve specified targets. Build and implement new Digitalofferings that are aligned to the CVP and nudge customers towards adopting alternativeDigital channels. Understand and optimise the"Risk vs. Reward" equation – working within, and challenging, risk appetite andcredit decisioning (incl. profit model optimisation). Provide data andanalytically led insights to proactively identify commercial growthopportunities for both new and existing customers. Take ownership of the commercialproduct income statement for delivery of short-term (STP/RAF) PBT targets. Commercial Management Develop commercial models thataccurately reflect the value of Digital offerings, considering the cost oftheir development and any other peripheral costs (i.e., marketing of productsand services). Consider the Digital CVP, and shape themessage being portrayed to customers on a dynamic basis, by setting prices at aparticular level - ensure that the pricing models employed are consistent withthe targeted customer segment. Monitor and evaluate the success ofpricing frameworks, based on the uptake of Digital offerings and otherpertinent metrics. Determine the accuracy of assumptionsused for the financial calculations on cost versus benefit. Strive to continuously improve the digitalcost per acquisition, driving efficiencies without compromising quality. Partner and Stakeholder Relationships Maximise commercial benefitthrough continuous partner management and engagement of internal and externalstakeholders (e.g., YoYo and Woolworths Online). Employ design thinkingmethodologies in partnering with the Customer team on Customer Experience (CX)and User Experience (UX) design for Digital products to guide the delivery of arange of Digital products, by clearly articulating customer touchpoints andcustomer journeys. Engage cross-functionally (especiallywith Customer team and other key digital users) with the objective of promoting'Digital First' as a means of optimising the design of solutions for deliveryvia responsive Digital channels. Collaborate with theexisting internal communication team to promote digital communications acrossthe WFS product landscape. Participate in themanagement and integration of Digital touchpoints into WFS's partners acrossthe Digital product landscape to initiate new engagement opportunities andstrengthen existing synergies. Establish relationshipswith key stakeholders to enable decisions regarding solutions that arepractical and viable from a commercial perspective; effectively aligning theproduct solution to the developed strategy. Understand the systemicnature of stakeholder engagement, which recognises the individual components aswell as critical key integration points relating to products, customers,associated growth opportunities and complementary WFS sub-functionalpartnerships, to effectively realise both "grow" and "run" ambitions. People Management Financial and Commercial Acumen Prepare the Commercialbudget as a component of the overall Digital budget and manage financialperformance against the budget to identify cost-saving opportunities. Maintain and apply a broadunderstanding of financial management principles to ensure decisions arefiscally sound and responsible. Monitor the overallperformance of the Commercial business and recommend adjustments in theallocation of finances, based on progress against goals.
Requirements QUALIFICATIONS
Bachelor's Degree in Finance, Business Studies,Digital Strategy, or equivalent. Postgraduate Qualification (minimum Honors) inFinance, Digital Marketing or equivalent is an advantage. EXPERIENCE REQUIRED 5 - 7 years of experience working in a FinancialServices / Consumer organization 2 – 3 years' experience should be within a CommercialLeadership capacity Financial background, coupled with product knowledge experience will be advantageous. ADDITIONAL REQUIREMENTS Ability to thinkstrategically to identify and capitalize on new business opportunities in thedigital and financial services landscape, including conceptualisation and developmentof new digital business models Insights Driven, with stronganalytical skills, with the ability to interpret financial data, market trends,and customer insights to inform decision-making Responsive to dynamics indigital ecosystems (locally and internationally), adept at fosteringinnovation, with a keen eye for emerging technologies and trends in thefinancial services industry Deep understanding ofcustomer needs and expectations, with the ability to translate these intosuccessful digital solutions Executive presence and theability to effectively engage with a wide range of stakeholders internally andexternally. Ability to influencestakeholders and plan, priorities, and track execution across cross-functionalteams Experience in contract negotiation and management, with a strongunderstanding of legal and regulatory requirements in the financial servicesindustry
Woolworths Financial Servicesis a proud South African brand, who is committed to transformation. Meeting ouremployment equity goals will be taken into account in our recruitmentdecisions. We honour ourselves on our culture of care and as such we take thewellbeing of our people seriously. We support the government's measures againstCovid-19 and we actively encourage our people to get vaccinated to ensure thesafety of our people.


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