Product Manager - Consumer Deposits

Product Manager – Consumer Deposits

This Product Manager role is responsible for the development, design, pricing, and management of our consumer deposit product set. This includes reporting and insights related to activity, pricing, profitability, customer growth, and product mix within their portfolio of focus. Additionally, the Product Manager will provide continued evaluation and recommendation of new product features/functionality and process enhancements to help us meet customer needs, enterprise goals, and remain competitive.

The Product Manager partners with key stakeholders including line of business leadership, Finance, Marketing, Risk, Operations, Technology, and others on the concept, build, and delivery of new products, as well as changes to existing products – all in support of a positive customer experience, sound product governance, and successful outcomes. This includes engaging with our governance bodies, such as New Product Approval and ALCO, and adhering to all processes and procedures related to change management.

Essential Functions:

• Product Strategy: Maintain and support execution of a roadmap for the product portfolio that aligns with enterprise objectives. This includes understanding market trends, customer needs, and the competitive landscape. Able to articulate how our products fit into the broader strategy of the bank and address specific client segments.
• Product Development and Management: Responsible for overseeing the development and enhancement of consumer deposit products. This involves working closely with Operations, Technology, Line of Business, and Compliance to ensure that the products are user-friendly and can be successfully deployed within our environment.
• Analysis and Insights: Conduct market research and gather customer feedback to understand the needs and pain points of clients. Develop KPIs and perform user research to inform decisions about product development, marketing, and positioning. Help manage the budget for product development and assist with forecasting and analyzing the financial performance of the product portfolio. Ensure that the products are profitable and contribute positively to the bank's bottom line.
• Regulatory Compliance: Work with stakeholders to ensure that product design complies with relevant laws and regulations. Adhere to change management processes, including following all required steps and obtaining all necessary approvals. This includes staying updated on changes in the banking regulatory environment and working with legal and compliance teams to navigate these complexities. This also includes taking a leading role in facilitating agreements and disclosures related to product launches and changes.
• Cross-functional Collaboration: The role requires collaboration with various departments within the bank such as marketing, compliance, risk management, operations, and business leaders. The Product Manager needs to ensure that all teams are aligned with the product strategy and have the necessary tools and information to effectively sell and support the products. Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.
• Sales, Marketing, and Communication Support: Provide support to Marketing, Sales, and Communications to ensure effective outreach, promotion, and change communications for product launches or changes. This could involve training sales teams, procedures, user guides, fact sheets, FAQ's, sales documents, agreements, and customer election forms.
• Customer Experience and Service: Ensure that the product offers a high-quality customer experience. This includes keeping abreast of the customer service touch points related to the product, addressing any issues or feedback, and continuously seeking ways to enhance customer satisfaction.
• Product Lifecycle Management: Responsible for managing the entire lifecycle of each product, from inception to retirement. This includes making decisions about when to update, enhance, or discontinue products.
• Vendor Management: Manage vendor relationships for payments and promotions capabilities, including governance, roadmap alignment, contract/SLA oversight, and issue escalation in coordination with Legal and Risk. Identify opportunities to optimize existing engagements.
• SME: Serves as a product subject matter expert for our consumer deposit product set.
• Demonstrate the standards and principles of the Five Star Bank experience in every interaction with internal and external customers, associates, and stakeholders. Incorporate the high-performance behaviors of teamwork, leading by example, and service in every facet of work.

Job Related Qualifications:

Required:

• Education: Bachelor's Degree in Business Administration, Finance, Marketing, or related field
• Prior Experience: 5+ years Product Management, Marketing, Project Management, and/or Financial roles.
• Licenses or Accreditation: None

Competencies:

• Embraces the role of a product manager in a multi-stakeholder ecosystem with a demonstrable understanding of product, pricing, placement, and promotion. Has demonstrated understanding of consumer deposit products and services, including digital banking features and technologies.
• Analytical ability to interpret data and present it in a meaningful and easily understood form. Work extensively with spreadsheets to analyze financial data, predict future costs, revenue, and profitability with support from the internal finance team.
• Excellent written and verbal communication skills. Able to tailor communication to unique audiences at all levels of the organization, as well as with external vendors.
• Excellent project management and collaboration skills. Ability to support projects from end-to-end and understand how to support and lead the following: solution discovery, business requirement construction, technology specifications support, project launch, internal approval management, testing, communication, delivery, and post-project review.
• Excellent organizational skills with ability to manage multiple priorities and meet established deadlines.
• Fluent in standard Microsoft Office tools, in particular Excel.
• Risk-minded, possessing a firm understanding of risk, compliance, and audit functions to support the identification, assessment, mitigation, and control management of identified risks.
• Team player with a desire to advance the organization's vision for meeting cultural and community objectives.

Physical Requirements:

• Able to regularly sit for prolonged periods of time.
• Able to regularly stand for prolonged periods of time.
• Able to travel: Occasionally
• Extensive computer usage is required.
• Ability to work:
  • Evenings Occasionally
  • Weekends Occasionally

Benefits:

• Medical, Dental, and Vision Insurance
• Health Savings Account
• Flexible Spending Account(s)
• Company Paid Life Insurance, Long-Term Disability, and Short-Term Disability
• Voluntary Offerings: Life, Critical Illness/Specified Disease, Accident, Hospital Indemnity, Legal Insurance & Personal Accident
• Tuition Reimbursement
• Employee Referral Program
• Wellness Reimbursement Program
• Star Volunteer Program
• Employee Banking and Financial Perks
• Flexible Hybrid Work Schedule
• Paid Time Off (PTO)
• Company Paid Holidays

This job description is not exhaustive. The Product Manager – Consumer Deposits may be required to perform other duties as assigned.

The expected rate of pay for this position is shown above. Compensation offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, licenses or certifications obtained. Market and organizational factors are also considered. In addition to your base rate of pay and a competitive benefits package, successful candidates may be eligible to receive cash or equity-based incentives based on the role and performance.