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OM Bank - Senior Pricing Manager

OM Bank - Senior Pricing Manager

Old MutualCape Town, Western Cape, South Africa
3 days ago
Job description

Let's Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

At Old Mutual Bank, we strive to attract great people who are passionate about coming together for a higher purpose—building something unique and aspirational, always aiming to be the best they can be. We are rooted in our purpose of inspiring and enabling our customers to grow and sustain their prosperity.

The Senior Pricing Manager is responsible for setting, managing, and optimizing pricing strategies across the bank’s CVP—specifically fees, interest (lending & savings), and insurance premiums on bank products, along with rewards / loyalty programmes. All strategies are based on a detailed awareness of where the market is sitting within the customer segments that the bank is operating.

The role ensures the bank balances profitability, competitiveness, regulatory compliance, customer fairness, and strategic growth objectives.

The Senior Pricing Manager will be expected to work closely with the product, risk, treasury, finance, marketing, legal / compliance, credit, data / analytics, operations, and technology teams to design, approve, implement, monitor, and adjust pricing strategies.

KEY RESULT AREAS

Strategic Pricing

  • Build on and enhance the bank’s pricing philosophy, governance, and framework across the retail and SME segments.
  • Develop and maintain pricing models (e.g. elasticity models, scenario analysis, sensitivity, margin modelling) to inform decisions
  • Conduct regular benchmarking and competitive intelligence (local and regional) on fees, deposit rates, lending rates, and reward offerings
  • Provide strategic input into how fees, interest and rewards positioning can be used as a differentiator in the market
  • Lead the design and iteration of price and fee changes (annual reviews, ad hoc reaction to market, competitive moves, regulatory changes)
  • Give input into new product development (e.g. savings, lending, loyalty / rewards) to ensure pricing is built-in from design

Analytics, Modelling & Forecasting

  • Build and maintain robust financial models : margin projection, break-even analyses, behaviour modelling, scenario / stress testing
  • Segment customers / accounts by behaviour, profitability, cost-to-serve, and price sensitivity to drive differentiated pricing
  • Monitor KPIs and metrics (net interest margin, yield curves, fee income growth, reward uptake, cost leakage)
  • Perform post-implementation reviews of pricing changes (actual vs forecast) and continuously refine the pricing engine
  • Use data analytics (SQL, Power BI, Python, etc.) to derive insights, trends, and outliers

    • Governance, Controls & Compliance

  • Maintain pricing governance : policies, approval processes, audit trails, change control
  • Ensure compliance with relevant banking regulations (e.g. National Credit Act, Banks Act, regulatory reporting, consumer protection laws)
  • Work with legal, risk, & compliance to review and approve pricing terms, disclosures, and potential customer impact
  • Identify and mitigate revenue leakage, arbitrage, mispricing, or abuse in pricing and rewards systems

    • Implementation & Execution

  • Drive the execution of price changes : coordinate with required teams to roll out new rates, fees, rules
  • Ensure correct and thoroughly tested setup and configuration in core systems (pricing & product engines, account systems)
  • Support the customer facing teams on non-standard pricing requests (exceptions / bespoke deals)
  • Oversee pricing deviations / overrides and ensure alignment with policy
  • Maintain and drive rewards / loyalty programme pricing and cost structure (points accrual, redemption rates, breakage, benefit design)

    • Stakeholder Management & Communication

  • Engage with senior management and the exco, providing pricing insights, proposals and impact assessments
  • Collaborate with treasury / funding to align deposit rates with cost of funds and balance sheet strategy
  • Partner with marketing / channels / digital teams for communication of pricing changes, promotions, and customer positioning
  • Prepare and present regular reports, dashboards, and business cases on pricing performance and initiatives
  • Ensure product managers engage actively in the pricing of their products

    • ROLE REQUIREMENTS

  • Bachelor’s degree in Finance, Economics, Mathematics, Statistics, Engineering or related field — postgrad / honours / master’s preferred
  • Minimum 7–10 years’ experience in financial services / banking, with strong exposure to product pricing, interest rate modelling, fee income strategy, or revenue management
  • Experience with fee & interest pricing in banking, and ideally rewards / loyalty programme economics
  • Exceptional technical proficiency, including advanced Excel skills, financial modelling expertise, and familiarity with data analytics and database tools
  • Deep understanding of financial principles, encompassing balance sheet management, cost of funds, liquidity, credit risk, and the broader regulatory landscape
  • Strong stakeholder engagement capabilities, with excellent communication, influencing, and presentation skills to effectively collaborate across diverse teams and senior leadership

    • SKILLS AND COMPETENCIES

  • Strategic Thinking & Business Acumen
  • Analytical Rigor & Attention to Detail
  • Decision Making under Uncertainty / Scenario Analysis
  • Influencing & Stakeholder Management
  • Change & Innovation Mindset
  • Integrity , Ethics & Customer Fairness
  • Collaboration & Cross-functional Execution

    • Skills

  • Action Planning, Adaptive Thinking, Agile Project Management, Data Compilation, Data Controls, Executing Plans, Financial Acumen, Identifying Customer Needs, Information Management, Insurance Product Management, Insurance Sales, Legal Practices, Negotiation, Policies & Procedures, Risk Management, Workflow Management

    • Competencies

  • Balances Stakeholders Builds Effective Teams Builds Networks Business Insight Communicates Effectively Decision Quality Ensures Accountability Financial Acumen

    • Education

  • NQF Level 9 – Masters

    • Closing Date

  • 09 November 2025 , 23 : 59

    • The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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    Pricing Manager • Cape Town, Western Cape, South Africa