Manager Strategic Pricing
BMO Bank of Montreal
Canada,Ontario,Toronto
1d ago

The Manager, Strategic Pricing will have a significant build’ agenda over the next several years to define an overall pricings strategy, and to build out processes and tactics (both episodic and programmatic) to fully exploit these capabilities for the benefit of our customers and the profitability of the business.

This role is a critical and visible enabler in support of Personal & Commercial Canada’s Home Financing and Personal Lending business results, and we are looking for a candidate who can help us leap-

frog the learning curve.

In addition, pricing optimization must integrate with a broader Personal Banking strategy for relationship pricing that is currently under development in parallel.

This will involve extensive cross-functional collaboration and building alignment across HQ, which requires strong and influential leadership at a senior level.

  • Manager, Strategic Pricing will help drive the strategic thinking for the pricing of Home Financing products and assist with the advancement of customer-
  • level pricing, risk / reward optimization strategies and the development of key capabilities necessary to be industry-leading

  • Contribute to building the 3 year strategic plan for of Home Financing + Personal Lending products
  • This position will be responsible for managing the pricing process for the most complex and important pricing initiatives and developing strategic pricing recommendations to be presented to senior leadership
  • Strategic Pricing Manager will play a key role in shaping Personal Lending / Home Financing products overall strategic pricing capabilities.
  • This position will serve as an effective liaison with senior leadership, marketing, legal, product analytics finance, sales, and IT.
  • Work with a team of professionals to develop, oversee, execute and maintain customer pricing strategies that will optimize the profitability of BMO home financing products, delivering the desired customer experience, and in alignment to the brand.
  • Anticipate and respond with pricing strategies and tactics appropriate for changing market conditions, customer expectations, and regulatory requirements.
  • Achieve operational excellence through the design and execution of strategic and tactical pricing plans that are aligned to the business objectives and by ensuring all significant risks have been identified, assessed and appropriately managed or mitigated.
  • Inform and integrate customer pricing strategies into the broader Personal Banking relationship pricing strategy
  • Key Accountabilities

  • Development of strategic pricing capabilities :
  • Help drive profitability, productivity, and service levels by developing, implementing and managing a comprehensive customer-
  • level pricing strategy to maximize shareholder value across all channels of distribution, across all segments and over the life of individual products and product lines

  • Identify, execute and manage specific initiatives to further the company's ability to effectively design and price products.
  • Examples of such initiatives include :

  • Improve the understanding of price elasticity of demand
  • Analyze the trade-off between product attributes and demand
  • Analyze effectiveness of past pricing decisions
  • Identify and improve pricing process and operations to ensure fast decision making leading to greater customer satisfaction
  • Work effectively across corporate functions including finance, marketing, product management, operations, sales and to design and implement new or enhance existing pricing processes, systems and tools.
  • Development of Strategic Pricing Recommendations :
  • Combine business logic, rigorous analysis, and strategic perspective to develop pricing recommendations
  • Demonstrate mastery of BMO’s internal financial and operational data sources across all functions, and interpret this data correctly to drive financial projections
  • Exercise solid, logical business judgment in the development of assumptions to inform the costs, revenues, and other operational inputs for the pricing of new products or the application of existing products to clients and channel partners
  • Demonstrate knowledge of customer deal economics, financial modeling techniques and related pricing strategies.
  • Apply external market knowledge, internal and external client context and history as a key lens to inform pricing decisions.
  • Recommend and execute on an overarching pricing strategy for the product suite supported, giving consideration to business mix, product spreads and impacts on net interest margins and non-
  • interest revenue. Set and manage pricing policy, posted rates, pricing discretion and exception policy for the product suite to manage spreads and optimize growth and profitability.

  • Manage the development and maintenance of pricing models and tools to support spread management optimization and support analysis.
  • Define needs, gather, and archive the key data points and business information (quantitative and qualitative) necessary for informed pricing management for use in analysis, insight generation and recommendations on an ongoing basis.
  • Synthesize and use this information to advise the VP, Commercial / Lending & Investments, SVP P&C Products and other Bank partners on competitive pricing matters and implications to aid decision making.

  • Management of the pricing process :
  • Scope and specify the organizational information required for effective pricing
  • Coordinate the collection and validation of relevant information from across the organization, including peers in senior leaders in the finance, product, marketing, and sales organization
  • Combine business logic, rigorous analysis, and strategic perspective to develop pricing recommendations
  • Synthesize analysis and present recommendations to senior management in an effective way to aid executives in making investment decisions
  • Identify and oversee the design and execution of ongoing pricing programs designed to enhancing pricing margin, leveraging deep market, competitive, and systems capabilities insights, that are directed toward both new and existing customers to support the achievement of short and long term business objectives
  • Accumulate pricing knowledge over time to drive increasingly valuable business insights.
  • Align our strategy and governance framework for sales force compensation & incentive programs
  • Guide the setting and management of customer-level pricing policy for the product suite, including pricing discretion and exception management, in order to manage spreads and optimize growth and profitability in both the short and long term
  • Management of retail lending pricing desk
  • Manage the exception pricing process ensuring line staff receive the information and support required to price effectively and have informed conversations with their customers
  • Change & Innovation
  • Act as a subject matter expert, providing business case support to Product Management and Product Analytics groups to ensure accurate pricing information is incorporated and impacts of decisions are adequately considered.
  • Lead pricing specific initiatives / projects to enhance the effective management of pricing and minimize risk within P&C Canada.
  • Stakeholder Management
  • Develop and maintain strong cross functional partnerships with internal Personal Banking functions to ensure organizational support of pricing decisions.
  • Adeptly manage internal conflicts

  • Be seen as a trusted business advisor by the leadership of the client and product teams
  • Scope & Impact

  • Direct impact : P&C Canada Personal Banking Home Financing and Personal Lending Product strategy re : pricing, customer experience; resource allocation
  • Influence : P&C Canada risk profile / tolerance / strategies; Segment strategies; customer’s product experience in all channels;
  • customer communication and marketing;
  • Veto : none
  • Canadian Personal and Small Business markets
  • $1.0 billion of annual revenue
  • 2.5 million active customers
  • 400 million annual customer transactions
  • $38 billion in annual transaction volume
  • Cross Functional Relationships

  • Strategy Execution Divisions, Channels, Personal and Commercial Segments, T&O, Corporate Areas
  • Customer Experience Divisions, Segments, Channels, Corp. Marketing
  • Risk Management Enterprise Risk Management, Technology & Operations, Audit, Fraud
  • Credit Card Acquisition and Product Management
  • Knowledge & Skills

  • Bachelor's degree required (MBA in engineering, computer science, finance, mathematics) strongly preferred.
  • 5-7 years of business experience or three to five years of experience after the completion of graduate business school
  • Product management experience preferred
  • Business experience working in an analytic capacity in fields such as management consulting, risk management, marketing analytics, or financial analysis
  • Excellent knowledge of MS Excel and other business intelligence tools
  • Ability to interact with senior management; strong communication and presentation skills. Ability to synthesize information into key messages appropriate for the audience
  • Intellectual curiosity and interest in using data to drive decisions.
  • High aptitude to learn quickly, and integrate into new teams and projects
  • Excellent analytical skills a must; ability to create detailed models and to synthesize large amounts of data into actionable business insight
  • Familiarity with statistical techniques and experience using analytic tools preferred
  • To find out more visit us at https : / / bmocareers.com.

    BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives.

    Accommodations are available on request for candidates taking part in all aspects of the selection process.

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