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- Troy, MI
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Sr Product Manager
FlagStar Bank • Troy, MI
Posted 6 days ago
The primary responsibilities of the job and the approximate % of time devoted to these core duties/responsibilities. Accountabilities should be detailed which include all essential job functions and reinforce the strategy and business plan of the organization as well as the business unit. List 4-8 primary responsibilities broken down into % of time spent on duties. Each % of time should be at least 10% and all items should total 100%.
40% Portfolio Management
- Responsible to monitor, measure and communicate performance. Accompanied by pricing and feature recommendations to drive profitability, quality, and competitiveness of the product(s) in the portfolios.
- Manage maturing/expiring products. Make pricing recommendations for maturing book by balancing costs and company need while aligning to Retail Banking strategic plan.
- Initiates product analysis to gain a comprehensive understanding of internal and external environmental influences and competitive pressures.
45% Product Development & Management
- Develop, define and lead the product roadmap, customer experience, go to market strategy and business case to launch, as well as ongoing enhancements post launch.
- Continuous evaluation of the existing product set to ensure there are no gaps, and bankers can easily navigate the offering to meet their customer’s needs.
- Proactively make recommendations for enhancements to product offering to stimulate sales and meet objectives.
- Ongoing management of multiple regions with differing product availability and pricing.
- Understanding product risk from a number of points of view including operational, fraud, BSA, and partnering with risk teams on mitigation.
- Work with Sales Administration team to recommend and implement promotions designed to increase product and/or service usage and/or enrollment.
- Track, analyze and evaluate product performance in order to provide actionable insights to continuously improve the products performance and profitability.
- Create RFC & product spec sheet to be distributed to all stakeholders across the organization – clearly articulating all business requirements, and product functionality.
- Work jointly with Product & Platform Strategy team to ensure product launch dates are met.
- Ensures products meet state and Federal regulatory requirements and coordinate legal review of all supporting collateral materials and documentation.
- Vendor Management: Understand the components of all assigned service agreements – expense and revenue drivers, service levels, termination rights, etc.. Conduct vendor reviews and alert key stakeholders of any expiring agreements and drive the process for renewal or termination. Document vendor shortcomings (performance and product set, etc.). Create and implement plan to improve the relationship. Establish key priorities for product development and opportunities to negotiate more favorable Bank pricing.
- Stay abreast of industry trends and market demands & requirements by conducting product assessments and measuring against competitors. Keep current on regulatory, technical and industry issues that affect the Bank, lines of business, and customers.
- 7+ years Product Management experience or equivalent related experience
- HS Diploma, GED or Foreign Equivalent Required
- Bachelor’s Degree Required (Business, Marketing, Finance, Accounting, Systems, Engineering))
- ADDITIONAL SKILLS/KNOWLEDGE/COMPETENCIES REQUIRED TO PERFORM THE JOB
- A data-driven decision maker who will use both quantitative and qualitative means to prioritize a road map and measure impact on customers.
- Developing partnerships across many business and functional areas.
- Customer and competitive research experience.
- Demonstrated ability to develop and implement new products, services, and/or processes.
- Strong communication skills required to concisely and compellingly present recommendations to management.
- Demonstrated ability to manage multiple, complex projects and work in a fast-paced entrepreneurial environment, while maintaining strong attention to detail.
- Demonstrated success working independently, making decisions, and producing results without direct supervision.
- Demonstrated skills in partnership management with the ability to influence, negotiate and work closely with all levels of individuals in all areas of the bank.
- Demonstrated ability to think creatively using product features, functions, and system capabilities to meet or exceed business and customer needs and wants.
- Demonstrated ability to work well in a team environment.
- Good understanding of the finance/accounting roles within a bank (e.g., Income Statement, General Ledger accounts and costs centers, and transactional detail.)
- Good financial and business analysis skills.
- Reporting and Analysis – proficiency with Microsoft Office required.
- ADDITIONAL REQUIRED OR PREFERRED LICENSING, CERTIFICATIONS, OR SPECIALIZED TRAINING
- Preferred: Product Management, Project Management, Treasury Management, Cards, Payments
- TRAVEL REQUIREMENTS (% OF TIME SPENT AWAY FROM HOME OFFICE)
- 1-4% - occasional trips to Operations Center in Jackson, MI, branches in Michigan, industry conferences, vendor visits
- No unusual physical exertion is involved.
Adhere to all REGULATORY AND COMPLIANCE issues linked to the job and the team and understand how these issues help the bank achieve the vision of remaining an independent bank (required for all positions) Staff member is expected to consistently adhere to regulatory and compliance policies and standards linked to their job as listed. Staff member will not repeatedly act in a manner signifying intentional or willful noncompliance, nor exhibit gross negligence or a general disregard for compliance and regulatory standards. Staff member must ensure compliance with applicable federal, state and local laws and regulations. Staff member must complete all required compliance training on a timely basis. Staff member will maintain knowledge of and adhere to Flagstar’s internal compliance policies and procedures. Staff member must take responsibility to keep up to date with changing regulations and policies.
Internal: Band E