Executive Director- Payments- Cash Product Development

First Abu Dhabi Bank is an inclusive environment where each person values the experiences, perspectives, ideas and beliefs of others. We’re in a unique position to learn from all our colleagues, combining international experience with deep cultural knowledge and local expertise. At FAB, you’ll have the support of your team and a strong relationship with your line manager, who will trust you with responsibility and recognize your good performance. As we embrace different ways of seeing the world, listening to each other and respecting different viewpoints, we grow stronger – together.

JOB PURPOSE:

The purpose of this role is to drive development & commercialization of new Payment product propositions in a Digitally relevant scale with continuous focus on the Local and International markets. The candidate will be responsible for end-to-end management of new age Payment proposition across different markets using technology as an enabler, while being aware of initiatives elsewhere in the industry and is able to carve out the product strategy in order to gain sustainable market share and grow revenues.

The individual is expected to conceptualize New Product Propositions including Blockchain virtual assets, and work with relevant stakeholders/seniors and Digital Channels to plan and execute propositions in a customer centric manner.

For each market, the individual is responsible for developing business case for product roll-outs, deciding on the appropriate technology, pricing and implementation strategies.

In this role, the individual will demonstrate leadership capabilities in understanding and managing client/market needs, and co-ordinate with stakeholders to adhere to product enhancement release schedules.

Besides delivering a strategically consistent payment proposition to support the Cash Management budget through a combination of interest and fee income, the individual is required to demonstrate thought leadership, by constantly evaluating market practices and changing regulatory guidelines so that propositions can be re-engineered to bring in changes to the existing landscape of propositions available within local and global markets.

The individual will engage extensively with regulators and bring in propositions that will ensure FAB has the first mover advantages for specific payments products.

Candidate will actively act as SME for payments in Electronic Channels roll outs and own and drive solutions like Banking-as-a-Service (Baas) & participate in driving the NPSS agenda of Central Bank in UAE.

ACCOUNTABILITIES:

To support the Payments Product Management, Product Development, Innovation and delivery channels, within the landscape specifically covering the following

Virtual Account Proposition (PoBo) –

To work on the commercializing existing solution and to enhance the solution to include all the client touch points/channels

• UAEFTS
• Immediate Payment Instruction(IPI)
• Banking-as-a-Service(BaaS)
• Instant Payments Platform(IPP)
• Remote Cheque Printing
• Digitization drive in moving all clients to electronic channels
• Digital Payments including Ratibi and various government solutions
• E-money and wallet providers proposition
• BUNA/AFAQ
• Open Banking
• API Banking
• Remote Cheque Printing
• Centra Bank Digital Currencies(CBDC)
• Cards based solution by closely working with Magnati
• UAE Payments Gateway Solution(UAEPGS)
• Blockchain/Virtual Assets/Stable Coins based relevant review and finalize use cases for FAB to adopt

Electronic Banking channels/platforms

• Drive the ongoing uptake of UAE Payment Gateway Solutions (UAEPGS) for large corporates, and automate the bill payment process, by working closely with CBUAE and various utility providers
• Participate and contribute actively to the payments proposition related enhancements as part of National Payment Systems Strategy (NPSS)
• Work with regulators, industry forums for proactive identification of new solution along Digital Wallets, digital payments to address Client requirements.
• Engage with Digital team for end-to-end development & product functioning and ensure that the client touch points and channels related to payments are managed. Work with Channels/IT/Operations to ensure that all payment products are reviewed regularly to ensure the complete functioning and is fit for purpose
• Drive regional RFPs to ensure that all payment related proposition is joined up and seamless from client perspective, for all international locations.
• Work towards supporting continuous improvements in the financial, operational and service performance of the Payments products and increase in market share vis-à-vis competition by working around banks’ risk and audit principles.
• Re-engineer and synchronize processing principles/cut-off timings/currencies across various units within the bank i.e. Channels/Operations/IT/Risk
• Evaluate and recommend new ideas and solutions and deliver bottom line benefit as a result of understanding product opportunities. These can be on the areas of New proposition, Technology, Regulation, Industry and Market.
• Develop the products/proposition covering aspects of Pricing, appropriate positioning in the market and customer segments, and on-going efficient management of products.
• Responsible for the state-of-the-art digital Collaterals, website content, go to market strategy and communication strategy of the product launches and commercialization
• Responsible for managing external vendors to support and enhance the Payments product from time to time. This will involve agreeing and monitoring service levels, and ensuring end-to-end client delight
• Drive product launches through planning and managing the same in close co-ordination with internal and external stakeholders
• Manage and own the P/L for payment propositions by regular review and reporting as appropriate
• Attend Client Meetings involving complex requirements, and own the responsibility of providing 'right solution' to the client. Provide guidance and support to RMs, Sales/Marketing teams for promoting the relevant products
• Represent and where possible support the bank in driving Cash Management Product evolution in alignment with the bank's overall strategy and goals. Analyse and discuss client pricing discussion for presentation to Deal review Committee
• Manage & review the Products in line with the Product Life Cycle (PLC) from Business Cases to the actual delivery and commercialization. This will involve management of the UAT and signoff of the same
• To perform other activities as appropriate assigned from time to time by your Manager/Head of Cash Product Management from time to time

Specific Accountability

• Review existing products and define business requirements for new products
• Handle end to end transaction flow and liaise between operations and clients for smooth processing of the transactions
• Work closely with cash product managers to finalize documentation, structures, rollout new products and solutions across UAE/internationally
• Contribute to the identification of opportunities for continuous improvement of products, systems, processes, and practices while taking into account client needs and market developments. Manage proactively the fraud, regulatory and compliance risks in the transactions when developing solutions for clients
• Ensure we are delivering promised solutions to our clients in professional manners and providing premier service to clients across FAB locations
• To build up bank transaction banking market profile by organizing or participating in various industry events

Business Fulfilment

• Focus is primarily on all client segments across local and global marketplaces.
• Close liaison with staff from GTB Solutions & Advisory, Client Services, Channel Support, (Global) branch network, Relationship Managers, IT Desk, Operations, Legal, In-country operations Risk and other relevant stakeholders in the product Management/Development and commercialisation process
• Participate in review of service standards, operational process, Product and service quality to ensure that we meet and exceed the expectations of our clients
• Assist our clients in understanding and using our Cash Management products and channels

Minimum Qualification:

• Degree in Finance, Accounting, Economics, Commerce or equivalent discipline; Professional qualification in Cash Management preferred

Minimum Experience:

• 15-18 years of relevant experience in individually driving Product launches, Strategize Product Roadmap and managing P & L
• A confident self-starter, motivated, with aptitude and willingness to undertake self-learning
• Should have driven Product Launches individually end to end, including periodic product review
• Strong P/L management regarding fee based income for the products