Senior Product Manager, Deposits

Our client a leading domestic financial institution is hiring. Collins Recruitment Group has partnered with them in search of a Senior Product Manager, Deposits.

The Senior Product Manager, Deposits, is accountable to articulate the vision and define the strategy for bank deposit and liquidity product portfolio across retail and business accounts, execute new initiatives and enhancements seamlessly, and manage on-going activities related to the product portfolio. This role will be responsible for making critical recommendations to senior leaders and executives for changes to rates that impact $26 billion in deposit balances. The overall objective of this role is to collaborate closely with leaders in Treasury and the front line to enhance the bank’s net interest margin, attract and retain lower cost operating deposits and reduce risk across the product portfolio.

Specific Accountabilities:

Accountability 1 – Strategy

• Drive a forward-looking, client-centric approach to product management as the client advocate ensuring all personal and business deposit and liquidity products are valuable and usable for the clients’ bank serves and wants to attract
• Own the various components of a product strategy and roadmap including, but not limited to, alignment with the bank’s broader strategy, market segments, geography, channel, options for technical delivery, e.g. build, buy or partner, competition, differentiation, speed to market, price and economic logic, prioritization
• Build influential business cases that clearly articulate the value proposition, revenue model and qualitative and quantitative benefits of proposed product development
• Leverage industry and bank data, market research, key learnings, and best practices to deliver relevant insights and recommendations to senior leaders and executives
• Assist in designing a viable product roadmap that aligns to the product strategy and balances economic benefit, risk, demand, market and industry opportunities, speed to market and constraints including the sequencing of product development and deployment
• Define key product metrics that align to long- and short-term business outcomes

Accountability 2 – Execution

• Oversee and, when required, lead complex, enterprise level initiatives through the product lifecycle and provide a high quality deliverable on time and on budget
• Participate in the process to identify and assess potential solutions including producing and issuing requests for information and proposals and make decisions to build / buy / partner
• Put the client at the heart of all product development by building solutions that deliver a consistent, frictionless user experience across product sets
• Negotiate contracts with service providers ensuring commercial terms are equitable for bank and mitigate future risk
• Set product pricing, including any discretionary limits, to optimize non-interest revenue and increase lower cost deposits
• Be responsible for product and project inherent and residual risks according to bank policy and implement controls as needed
• Approve policies, procedures, training programs and sales tools that support new products and services

Accountability #3 – Ongoing Product Management

• Contribute to successful P&L for assigned deposit and liquidity products, constantly identifying opportunities to maximize revenue and minimize costs
• Nurture relationships with external vendors and third-parties to ensure bank is kept informed of emerging market trends and developments, service levels are adhered to and costs are as expected and to leverage opportunities to derive additional value when and wherever possible
• Continually review key product metrics to capitalize on market opportunities, assess success of product offering, identify actions necessary and lead corrective actions
• Ensure on-going compliance of the product portfolio
• Identify opportunities in processes and procedures to ensure ongoing maturation of service operations
• Drive sales activities and be responsible for marketing and sales strategy

Accountability #4 – Leadership

• Possess a level of confidence and expertise to make knowledgeable, impactful decisions quickly, balancing risk and trade-offs, and remain accountable for those decisions
• Work closely with cross-functional teams through the development, product readiness and product launch phases, utilizing exceptional influence and negotiation skills to manage scope, remove barriers and navigate roadblocks
• As the deposit and liquidity product leader, provide expertise to clients, prospects and internal partners and support external thought leadership activities in this space.
• Ensure on-going compliance of the product portfolio
• Identify opportunities in processes and procedures to ensure ongoing maturation of service operations
• Drive sales activities and be responsible for marketing and sales strategy

Knowledge, Skills and Abilities

Education

Bachelor’s degree

Professional Experience

• Minimum 7-9 years of relevant experience in product development and management (or related disciplines)
• Experience managing deposits and liquidity products, the calculation of cost and value of funds, transfer pricing and competitors’ products and services an asset
• Experience in establishing partnerships and building relationships with internal teams such as marketing, sales, digital, information services, treasury, legal, compliance, etc.

Personal Competencies

• “Client first” thinking in all decision making
• Results oriented and data driven with strong analytical skills, both qualitative and quantitative.
• Excellent written and verbal communication and presentation skills. Ability to communicate complex business and technical concepts to a broad range of technical and non-technical staff, tailoring messages and stories to the appropriate audience.
• Strong organization and time management skills with a high level of attention to accuracy and details.
• Able to think laterally and find innovative solutions to support strategy.
• Able to influence and collaborate with stakeholders with diverse points of view and build consensus as well as to establish credibility and rapport with a broad set of stakeholders quickly.
• Strong interpersonal skills, team player, self-directed and resourceful, with the ability to work in a fast-paced environment and adapt to changing deadlines and priorities
• Advanced knowledge of Microsoft Office (PowerPoint, Word, Excel)

Impact and Magnitude of Job (Scope)

• This position has one direct report
• Requires a high level of accountability, autonomy and attention to detail
• Due to changing and evolving deadlines as well as unplanned activities, there are times when there are high levels of pressure to achieve tasks
• Works independently, managing many tasks and projects from beginning through to completion
• This role has significant influence to contribute to a successful strategic plan that contributes to the organization’s profitability.

Key Relationships and Contacts

Internal Contacts:

• Various functions in IS
• Compliance
• Operations
• Legal
• Risk
• Marketing
• Sales Effectiveness
• PMO
• Treasury
• Finance
• Strategy
• Partner companies and Regional branch leadership

External Contacts:

• Vendors and third-parties
• Payments industry including Payments Canada and other banking and non-banking financial institutions
• Regulators on occasion