Wealth Management Product Manager

Under the direction of the SVP Wealth Management, the Senior Product Manager is responsible for managing products throughout the product lifecycle, gathering and prioritizing product and member requirements, defining the product vision, and managing cross functional teams to deliver winning products and ensure product line sustainability. The Senior Product Manager owns and carries responsibility for the health, performance, and sustainability of product offerings. The job also includes ensuring that the product supports and continues to support the company’s overall strategic vision and performance goals. A successful Senior Product Manager manages the credit union’s product offerings to ensure the credit union achieves growth, yield, and risk management goals.

The Senior Product Manager demonstrates professional-level critical thinking, analysis, preparing presentations and reports, presenting, and making recommendations based on research and findings.

1. Strategic Management

a. Establish and drive short-, and long-term strategic plans and objectives ensuring organizational strategies are aligned.
b. Create analytical infrastructure to aid in rapid turnaround of recommendations on evolving strategic challenges
c. Advise management on deposit products and wealth management
d. Maintain product forecast including growth, revenue and expenses, to be used by various business functions
e. Develop and drive compelling product, revenue generating, and cost-reducing strategies
f. Prepare business cases with careful attention to credit union member impact
g. Mitigate risk by monitoring and responding to policies, guidelines, and the economy.
h. Manage product lifecycle by gathering and prioritizing product and member requirements
i. Ensure product line sustainability and define product vision
j. Identify, prepare business case, and execute membership expansion to facilitate growth opportunities
k. Thoroughly evaluate the impact of proposed implementation while designing elegant solutions to overcome challenges
l. Develop tools, processes and product solutions across product categories

2. Pricing

a. Create and optimize pricing models with strategic goals of the credit union
b. Establish and maintain pricing for multi-billion-dollar deposit portfolio
c. Provide recommendations and supporting analysis on an ongoing basis
d. Lead strategic pricing initiatives to optimize member satisfaction and cost requirements
e. Effectively fulfill the deposit needs of the credit union while managing interest rate risk utilizing tools and sophisticated models
f. Determine and apply regional pricing based on market deposit requirements
g. Develop price elasticity models for deposit products
h. Create complex pricing models to guide product business decisions
i. Convert pricing theory and strategy into strong business plans, increased share of member deposits, and reduce interest rate risk.
j. Innovate analytical methodologies for an increasingly sophisticated pricing model

3. Research

a. Analyze market trends using primary and secondary research to develop key value propositions
b. Scrutinize competitors and advise Senior Management how to effectively position against them
c. Be the market and technical subject matter expert within the organization for assigned products
d. Report on product performance, including creating and maintaining technical and financial dashboards
e. Measure product awareness with members and target market
f. Perform market and product research
g. Investigate and resolve matters of significance on behalf of management
h. Implement increasingly sophisticated analytical methodologies
i. Use Structured Query Language (SQL), Tableau, and other data engines to produce actionable data analysis

4. Product Innovation

a. Develop and justify product modifications and improvements
b. Build and launch products and/or product features
c. Drive product and process innovation and automation to deliver highly scalable and strategically aligned solutions
d. Oversee and function as the owner of product innovation activity, including:
        i. Managing pricing, term, operational behavior, and product attributes
        ii. Obtaining senior management acceptance
        iii. Reporting on status and metrics on a periodic basis

e. Develop and drive compelling, differentiated product strategies, leading cross-functional teams
f. Create market required documents and product requirement documents with prioritized features and corresponding justification
g. Prepare and ensure adherence to business cases, requirements, documents, and product roadmaps
h. Ensure the user experience and business requirements are fully represented during the product design process
i. Accountable to users for feature sets, navigation, quality, and overall experience

5. Interaction with Others

a. Advise senior management on product value proposition
b. Consult with senior management on product innovation, pricing, and strategy to meet credit union objectives
c. Lead cross-functional teams on product risk management, pricing and growth.
d. Negotiate third party contracts
e. Bridge every department that touches the product
f. Function as project manager to ensure products are completed on time and requirements are met
g. Distil relevant information from complex and in-depth analysis and present it to senior management
h. Be the authoritative source of product-related information, including definition, policies, and pricing.
i. Oversee the creation, compilation, and improvement of product performance reporting to the credit union leadership.

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Training/Education/Certification:

• Bachelor’s degree in business or related field required
• Master’s degree preferred

Required Knowledge:

• Knowledge of credit union products, services, policies, and procedures
• Understanding of market pressures that drive product performance
• Extensive knowledge of statistics and related computer applications and financial and market indicators
• Proficient in Structured Query Language (SQL), Tableau, and Python

Experience Required:

• Eight Plus years in product management or related field, preferably in a financial institution
Skills/Abilities:
• Demonstrate success defining and launching excellent products
• Proven ability to influence cross-functional teams
• Able to distil relevant information, communicate ideas, and present findings in public speaking environments
• Outstanding abstract, analytical, critical, and creative thinking abilities
• Negotiation expertise
• Strong leadership, decision making, problem solving, communication, and project management skills
• Proficient in Tableau, Excel, and PowerPoint