Senior Vice President – Head of Product and Revenue Management

Federal Reserve Bank of Philadelphia•Chicago, IL

17d•Onsite

About The Position

The Federal Reserve Bank of Chicago is seeking a Senior Vice President and Head of Product and Revenue Management for the FRFS Product and Relationship Management (PRiMe) Group. This executive leader will report directly to the FRFS Chief of Product and Relationship Management and will play a key role in shaping the future of FRFS. In collaboration with other leadership teams, this individual will be responsible for developing and executing a unified product strategy for various payment services including FedLine® Solutions, FedACH®, Check Services, Fedwire® Funds, Securities, and the National Settlement Service. The role also encompasses strategic leadership for pricing, revenue management, and customer billing. The ideal candidate will set vision and strategy, embody the company's values, model its culture, and drive accountability. The Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions, operating as an integrated organization focused on operations, technology, product and customer/industry management, enterprise services, payments system improvement, and the FedNow® instant payment service. FRFS aims to provide a fully integrated product suite offering speed, resilience, and choice across the United States, meeting market needs with agility, ensuring a robust customer experience, and fostering career growth opportunities.

Requirements

Experience with product-centric operating model
Experience and strong interest in payment systems
Consistent drive to maintain a deep knowledge of the broader payments landscape
Track record of successful leadership to drive results and proactively manage change and uncertainty in a distributed virtual team
Ability to develop strategies and initiatives that effectively deliver key business and organizational outcomes
Demonstrated track record of strong execution and accountability for results
Proficiency in rethinking business models or established practices
Excellent change management skills, including advocating, anticipating, and orchestrating change and uncertainty
Commitment to building a customer-centric culture through an enterprise approach to thinking, acting, and leading
Strong business acumen with ability to be a hands-on, visible, goal-oriented, and independent-minded leader who will constructively challenge the FRFS leadership team and bring leading-edge thinking to effectively guide change within the FRFS
Strong collaboration and listening skills and an interest in building trust at all levels of the organization, with an ability to partner effectively with others in the pursuit of common goals
Strong champion of building a diverse and inclusive work environment
Ability to lead with a System-centered, strategic, action-oriented mindset focused on performance and accountability
Outstanding people manager and role model and demonstrated interest in serving as an active talent champion, coach, and mentor
Progressive yet humble leader possessing innovative views of product strategy and open to learning and considering different perspectives
Demonstrated track record of assessing risk and establishing a risk tolerance, balancing business needs and priorities against the risk of material loss
Intellectually curious and agile, with demonstrated ability to experiment and lead innovation
Bachelor’s degree in business administration, economics, or similar field of study, or equivalent work experience
Typically has 10+ years of progressive business executive leadership experience
Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future.
Additional screening requirements due to the information accessed while performing the job.

Nice To Haves

MBA or similar post-graduate degree preferred
Current or prior experience in payments, e.g., financial services, treasury, credit risk, supervision, etc., preferred, but not required.

Responsibilities

Contribute to the vision, strategy, values, and priorities of the FRFS enterprise as a member of the FRFS Product and Relationship Management senior leadership team.
Collaborate with leaders across FRFS to advocate for customer-centric solutions and ensure service delivery aligns with the overall customer experience strategy.
Ensure FRFS prices products and services to meet cost recovery obligations and advance broader business strategy.
Partner with System Information Technology to ensure the FRFS product and service offerings meet customer needs for functionality, stability, security, resiliency, and cost-effectiveness.
Create a strong common culture that prioritizes the customer and fosters a cohesive understanding of how customers use services.
Develop close relationships with key stakeholders and external partners to align services with customer needs.
Engage actively in internal and external engagements.
Maintain and execute a comprehensive payment product management strategy for FRFS, focusing on products and services that meet customer needs and attract/retain customers.
Champion creativity, innovation, and idea generation for new product development and enhancement of existing offerings to increase revenue, address market/competitive issues, and resolve customer service challenges.
Collaborate with the FRFS Customer and Industry Engagement leadership team to understand industry and customer needs, and prioritize product development and pricing strategies.
Influence efforts to improve payment system quality, efficiency, and risk mitigation through participation in System committees, industry conferences, and other engagements.
Develop close relationships with key stakeholders and external partners, including the Board of Governors and the U.S. Department of Treasury, to ensure contemporary thinking and align services with customer needs.