Executive Head: Banking

Sanlam Limited; Cape Town; On-site; ZAR 800,000 - 1,200,000; Full time

Job summary

A financial services provider is seeking an Executive Head of Banking in Cape Town. This leadership role focuses on defining transactional banking strategies, collaborating across business units, and driving performance and customer engagement in a rapidly evolving digital landscape. The ideal candidate will have a postgraduate business qualification and extensive experience in banking operations and strategy. The organization promotes diversity and transformation as essential elements of its workplace culture.

Benefits

Opportunities for career growth

Commitment to diversity and transformation

Qualifications

• Proven experience in banking operations and strategy.
• Expertise in managing joint ventures and partnerships.
• Strong knowledge of regulatory environments.

Responsibilities

• Lead Sanlam’s transactional banking strategy.
• Ensure alignment between business clusters.
• Drive performance metrics for banking outcomes.

Skills

Leadership

Strategic Planning

Financial Acumen

Customer-Centric Approach

Digital Fluency

Education

Postgraduate qualification in business

Job description

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The Sanlam Group is a leading financial services provider founded in 1918, operating across 32 African countries with its headquarters in Cape Town, South Africa. In South Africa, the Group serves over 7 million clients through its core business segments including life insurance, general insurance, investment management, and financial planning services. Sanlam's South African operations span traditional insurance products, retirement and investment solutions, healthcare administration, and emerging financial technology services. The Group maintains a significant market presence through multiple distribution channels including tied agents, independent financial advisors, and digital platforms, while actively pursuing transformation and digitalization initiatives to serve South Africa's diverse customer base across metropolitan, township, and rural markets.

Purpose of the Role

The Sanlam Group is a leading financial services provider founded in 1918, operating across 32 African countries with its headquarters in Cape Town, South Africa. In South Africa, the Group serves over 7 million clients through its core business segments including life insurance, general insurance, investment management, and financial planning services. Sanlam's South African operations span traditional insurance products, retirement and investment solutions, healthcare administration, and emerging financial technology services. The Group maintains a significant market presence through multiple distribution channels including tied agents, independent financial advisors, and digital platforms, while actively pursuing transformation and digitalization initiatives to serve South Africa's diverse customer base across metropolitan, township, and rural markets.

Key Interfaces

Internal:

Group CEO, Sanlam Fintech CEO, SFT CTO, SFT CPO & SFT CDO, Heads of Retail Mass / Affluent / Corporate, Chief Marketing Officer, Chief Digital Officer, Chief Risk Officer, Distribution Executives, Data & Analytics Head

External:

TymeBank SA executive team, Regulators (FSCA, SARB), key suppliers, CEO of the Sanlam | Tyme retail Credit JV and other Fintech partners

Key Responsibilities

Strategic Leadership

• Define and lead Sanlam’s transactional banking strategy, including positioning, value proposition, and product priorities.
• Drive Sanlam’s integrated financial services ambition by embedding transactional banking into the Group’s broader retail strategy, particularly through the Blue App and connected platforms.
• Strategic (non-executive) oversight of the Sanlam | Tyme retail Credit JV, through board representation on the Joint Venture (JV) ensuring alignment with Sanlam’s broader insurance and financial services strategy.
• Develop and maintain a comprehensive understanding of market trends, competitive landscape, and regulatory changes to inform strategy and decision-making.
• Foster a culture of continuous improvement, innovation, and customer-centricity within the banking team, ensuring alignment with Sanlam’s core values and mission.

Commercial Ownership

• Serve as the P&L owner of Sanlam’s transactional banking outcomes, including revenue growth, cost to serve, acquisition cost, and return on capital.
• Set and manage performance metrics across acquisition, usage, cross-sell, retention, and contribution margin.
• Translate customer insights, behavioural data, and performance signals into product and engagement improvements.
• Develop and implement pricing strategies to maximize profitability while ensuring competitive positioning in the market.
• Oversee the funding strategy for the Credit JV originated assets held on Sanlam’s balance sheet.
• Collaborate with Treasury and Finance to ensure capital efficiency, balance sheet optimisation and risk-adjusted returns on Sanlam’s JV Credit balance sheet.

Key Responsibilities

• Align and mobilise key Group Clusters including Sanlam Fintech, SGT, SLS, Santam and Sanlam Investments around a shared set of banking outcomes.
• Drive customer value propositions and cross-sell strategies across all banking products, including credit.
• Act as executive integrator, removing silos and ensuring all enablers required for banking success (e.g. journeys, data flows, advisor tools, incentives) are owned and delivered.
• Ensure the Blue App is recognised and resourced as the strategic home of banking engagement.
• Foster strategic partnerships with technology and fintech companies to enhance digital banking capabilities and drive innovation.

Partnership & Governance

• Act as Sanlam’s executive lead in banking joint ventures and partnerships, most notably with TymeBank and the Credit JV.
• Serve on partnership steerco structures; oversee commercial agreements, roadmap alignment, and performance monitoring.
• Uphold regulatory alignment, risk controls, and governance frameworks in collaboration with Risk, Legal, and Compliance teams.
• Develop strategic initiatives to enhance partnership performance and ensure mutual growth objectives are met.

Key Responsibilities

Organisational Leadership

• Cultivate a culture of collaboration, experimentation, performance accountability, and customer-centricity in banking delivery.
• Represent Sanlam Banking at industry forums, investor briefings, media engagements, and key stakeholder platforms.
• Develop and execute strategic initiatives to drive operational excellence and efficiency across the banking division.
• Lead cross-functional teams to ensure the successful implementation of major projects and initiatives.

Candidate Profile

The ideal candidate for the Executive Head of Banking will be a visionary and results-oriented executive with expertise in banking operations, strategy, and innovation. They will bring a strong track record of leadership in complex, multi-jurisdictional environments and demonstrate the ability to shape and execute an integrated banking strategy aligned with the Group’s financial services vision.

Experience and Expertise Required

Executive banking leadership

• Postgraduate qualification in business (preferred)
• Preferred experience in retail banking or fintech at scale.
• Experience with ESG-aligned banking strategies and sustainable finance practices (advantage).
• Agile and future-focused, with the ability to anticipate shifts in the market and respond with innovative banking solutions.

Strategic execution in federated organisations

• Ability to lead through influence, data, and outcomes rather than hierarchy.
• Ability to influence and collaborate with Group and business cluster leadership to enable integrated value creation.
• Comfortable navigating ambiguity and complexity, with a solutions-oriented mindset and resilience under pressure.

Commercial acumen

• Sound commercial judgment, with the ability to balance profitability, risk, customer centricity, and regulatory compliance.
• Demonstrated ability to drive financial performance, portfolio optimisation, and growth through innovation and operational discipline.

Digital fluency

• Comfortable with digital platforms, behavioural engagement, and analytics.
• Grounding in digital transformation, fintech integration, and platform-based business models in financial services.

Regulatory familiarity

• Strong working knowledge of banking regulatory environment (FICA, AML, POPIA) and experience engaging with regulators and governance forums.

Leadership presence

• Credibility to operate at Group Board, JV Partner, and Exco level
• Experience leading multi-disciplinary teams and driving transformation through inclusive and purpose-led leadership

What Success Looks Like

Banking as a Core Growth Lever:

The Sanlam Banking portfolio is firmly established as a key revenue contributor to the Group, demonstrating clear P&L impact and sustainable customer economics at scale.

Customer Adoption and Daily Use:

At least 50% of active Sanlam clients engage with a banking product monthly, supported by ongoing growth in transactional activity, digital engagement, and embedded banking behaviours.

Digital Leadership via the Blue App:

The Blue App is entrenched as the Group’s flagship digital platform, delivering an integrated financial services experience with seamless banking journeys embedded across the value chain.

Enterprise-Wide Strategic Alignment: Banking priorities are embedded across the Group, with strong cross-cluster execution, shared accountability, and enabling functions actively driving delivery.

Market Differentiation and Inclusion:

Sanlam’s banking offering is recognised for excellence in convenience, accessibility, and relevance, particularly within the underbanked and mass-market customer segments.

Transformational Leadership and Impact:

The Executive Head of Banking is viewed as a transformational leader – effectively navigating strategic partnerships, influencing cross-functional momentum, and enhancing Sanlam’s position as a leading provider of integrated financial solutions.

Digital leadership

• Tech savvy
• Cultivates innovation
• Strategic Mindset

Agile leadership

• Manages complexity
• Drives Results

Human-centered leadership

• Instils trust
• Build effective teams

Build a successful career with us

We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping our employees to realise their worth. Through its five business clusters – Sanlam Fintech, Sanlam Life and Savings, Sanlam Investment Group, Sanlam Allianz, Santam, as well as MiWay and the Group Office – the group provides many opportunities for growth and development.

Turnaround time

The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers.

Our commitment to transformation

The Sanlam Group is committed to achieving transformation and embraces diversity. This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa. The Group's Employment Equity plan and targets will be considered as part of the selection process.