Senior Product Manager - Consumer Deposits

Five Star Bank•Rochester, NY

8d•Hybrid

About The Position

Purpose: The Senior Product Manager of Consumer Deposits 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 Senior 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 Senior 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. This role supervises the Deposit Product Analyst and directs their workflow to deliver the appropriate reporting, analysis and insights to manage the product portfolio. The Senior Product Manager will also work closely with the rest of the Product team and provide counsel and support as needed to teammates with other product portfolios.

Requirements

Education: Bachelor’s Degree in Business Administration, Finance, Marketing or related field
Prior Experience: 7+ years Product Management, or a combination of Consumer Banking experience in Banker, Marketing, or Customer Experience functions.
Licenses or Accreditation: N/A
Product Competency: 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 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.
Coaching and team-building skills, or experience managing direct reports.
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.

Nice To Haves

Education: Master’s Degree
Prior Experience: 10+ years’ experience in Consumer Banking Product Management, including roles supporting deposit products, managing vendor relationships, and developing product pricing strategy.
Licenses or Accreditation: N/A

Responsibilities

Product Strategy: Maintain 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.
Regulatory Compliance: Work with stakeholder 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.
Financial Management: 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.
Cross-functional Collaboration: The role requires collaboration with various departments within the bank such as marketing, compliance, risk management, operations, and business leaders. The Senior 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.
SME: Serves as a product subject matter expert for our Consumer Deposit product set.

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