The Product Manager will be accountable for developing a product roadmap including delivering on enhancements and process improvements to deliver a best in class wire payment solution for North America. In addition, the Product Manager will lead the day to day aspects of US wire transfers within the Treasury and Payments group. The role will be involved in multiple projects at once as well as acting as the SME throughout the organization. This role is expected to be the in house expert as it relates to US wire transfers while keeping abreast of the marketplace to recommend new product enhancements. This is a multifaceted role requiring a broad skillset that will require the candidate to be successful across multiple disciplines including: working with the North American sales teams to grow revenue, market share and profitability; building an ongoing product roadmap, collaborating on a fraud and AML strategy relative to this payment type. Alongside these responsibilities, this role will adhere to all regulatory requirements for the identified suite of products and ensue that products are straightforward for the sales force to sell, fulfill and service. The role will support the development and maintenance of policy, training materials, marketing materials, compliance standards, security, collateral standards for specified product(s) and other requirements. The Product Manager is also accountable maximizing the use of enterprise architecture and drive overall profit contribution at the lowest cost base/investment spend.
This role will contribute to: 1) optimizing the financial performance and customer value of the product portfolio through management of balance, mix, spread and non interest revenue; and 2) increasing market share, share of wallet, customer retention, and product and customer profitability. This role may cover responsibilities for both Canada and US services as assigned.
Developing the Product
- Ongoing development and evolution of the US wires product roadmap
- Work with service teams to assist customers with more involved customer issues
- Work with internal audit and compliance teams to ensure product compliance
- Monthly reporting as necessary
- Manage internal and external vendor relationships
- Act as SME and point of contact for wire transfers
- Lead change management process and act as point of contact throughout
Delivery and Change
- Be customer sensitive and always anchor pitches to what resonates with Treasury & Payments customers across the different lines of business
- Work with customers and internal partners to create and deliver product enhancements to close service gaps and best meet customer needs
- Work with operations and service groups to identify process and workflow improvements and work with internal partners to deliver on these improvements
- Institute fiscal discipline in project budget consumption and proactively head off overruns and align with the bank’s planning cycles
- Have a breadth of understanding of wire transfers and how they fall into a customer’s payment mix as well as the bank’s payment offering. This should include regulatory and risk considerations Translate this understanding into thought leadership and change management activities that anticipate and mitigate risk
- Thought leader to reshape the thinking for stakeholders, sales peers and customers on how wire transfers can be a large part of their payments strategy
- Act as product expert within the Product group, other internal Bank groups and external groups, as required
- Accompany Sales to consult with senior level counterparts on market-specific applications of the wire service
- Act as business owner for product expertise and compliance activities relating to the product suite across multiple business units
- Manage internal partnerships and external vendors as required
- Build a wide range of relationships across multiple operating areas within the bank. This role should be able to act as a hub to use their wide network to quickly gather information from the relevant parties
Product Management, Policies and Documentation
- Recommend, implement and provide ongoing support on amendments/ enhancements/ solutions to existing product(s)/product offering groupings for specific market opportunities and/or introduction of new products/ features in alignment with P&C, GT&B/IFI strategy
- Develop new product/ features/ enhancements, concept/ opportunity evaluation and consideration of new market entries, product/ feature feasibility assessments
- Develop and implement commercialization strategy to achieve market share and profitability goals and ensure products meet the needs of customers
- Recommend the pricing structure for the product, particularly regarding feature/price trade-offs, based on a thorough understanding of competitor/substitute products, product performance and deep customer knowledge/insights.
- Recommend amendments to product/processes to support specific channel needs to meet business goals.
- Define and manage the product specific (i) legal forms, documents, (ii) security, title/collateral policies and processes across specified product(s) and customer segments (if applicable), and (iii) product specific title insurance strategies for products where appropriate (if applicable).
- Consider the competitive environment; assess operations, profitability, technical feasibility, policy/ credit requirements and directives to assist in the preparation of business cases.
- Monitor operations to ensure effective relevant product systems are maintained and continuously improved, making appropriate amendments to specific channels as required. As appropriate, enhance the product delivery system infrastructure, including providing input into business requirements for technology changes and making any necessary system updates/table changes as required (if applicable)
- Regularly monitor customer and competitive environments to ensure product offers remain relevant to customer needs, achieve the desired competitive positioning and identify opportunities for product offering.
- Develop extensive product related expertise in the payments industry and intimately understand all aspects of product performance, customer needs, industry and regulatory requirements, as well as the competitive landscape in order to package existing products to meet the needs of customers and industry specific requirements and to provide expertise on any identified projects or programs within BMO Financial Group.
- Develop a suite of key performance indicators for understanding product(s) performance and communicate internally as required.
Risk Management and Regulatory Compliance
- Act as subject matter expert and liaise with other Product groups, internal Bank groups and external groups on operational, market and credit risk issues, proactively exploring existing and potential risks and sources of risk, taking specific actions to more accurately identify and manage various forms of risk in the specified product environment
- Actively manage compliance and regulatory standards, issues and gaps across the product suite. Work with Legal and external parties, as appropriate, to manage third party risk including class action lawsuits brought against the Bank
- Provide input to the business owner of security lending and realization value, and non-product specific compliance activities such as RCSA. (As appropriate to specific product areas.)
- Ability to successfully complete multiple tasks across a broad spectrum of disciplines
- Self starter with a desire to learn
- Strong networking skills to effectively build relationships throughout the bank
- High throughput individual
- Strong Project Management
- Strong Influencing Skills
- Entrepreneurial drive that break the traditional mold and legacy environment.
- Flexibility/adaptability (ability to change direction based upon team and stakeholder consensus)
- Proficient in Microsoft Office Suite (MS Excel, MS Project and PowerPoint tools)
- Business/Finance/Accountancy/Computer Science degree
- At least 3-5 years in the Treasury/Cash/Payments Industry
- Established track record of delivery of results in a complex environment
- Comfortable in operating with ambiguity and establish structure and framework for a go forward target operating model
- Proficient in Microsoft Office Suite (MS Excel, MS Project and PowerPoint tools)
- Previous product management/development, consulting, or strategy experience in a payments setting.
- Experience in Cash Management/Financial Technology
- MBA preferred
- Preferred location is Chicago
We’re here to help
At BMO Harris Bank we have a shared purpose; we put the customer at the center of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
As a member of the BMO Harris Bank team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmoharriscareers.com .
BMO Harris Bank is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. BMO Harris Bank is an Equal Opportunity Employer for all, inclusive of Minorities, Women, Veterans, and Persons with Disabilities.