Product Manager, Personal Lending
BMO Bank of Montreal
Canada,Ontario,Toronto
1d ago

The Product Manager will intimately understand and manage all the dynamic elements of the a lending portfolio construct, pricing, features, risk, profitability and performance in order to optimize both the portfolio and individual product’s market position and financial return across its respective life cycle, consistent with corporate strategies.

  • Leads portfolio strategy including product development and management, channel optimization, and development and maintenance of product policies with a focus on risk return.
  • Maintains an external focus to understand competitive, environment and technology changes that will impact product portfolio and recommend plans & strategies to capitalize on any change to meet overall business objectives.
  • Ensures an optimal channel strategy, initiates developments to our channel strategy, and to actively manage the channel as required.
  • Integrates product pricing strategies creating and applying new tools, processes and methods that support stable and predictable performance and provide strategic differentiation and competitive advantage relative to industry peers.
  • Optimizes fee pricing across the product suite to facilitate profitable, quality growth and a stable, predictable stream of non-interest revenue.
  • Works closely with Consumer Credit Risk to ensure optimal Risk / Return on the portfolio, and that the portfolio operates within the Bank’s Risk appetite and within the applicable Risk Appetite Dashboard metrics.
  • Optimizes the financial performance of the product portfolio through the management of customer experience, balance, mix, spread and non-
  • interest revenue; increasing market share, share of wallet, and customer retention; and, product and customer profitability.

  • Improves operational effectiveness through the design and delivery of credit and pricing decision processes, technology, and control systems that are aligned to target market segments, while operational excellence in pricing and decision environments will be achieved by ensuring all significant risks have been identified, assessed and appropriately managed or mitigated.
  • Managing pricing policy, posted rates, pricing discretion and exception policy to drive profitable quality growth, optimizing the risk / return equation within products authorized risk profile.
  • Develops and maintains directives, standards and policies for existing and new products including functionality.
  • Management Leadership

  • Ensure the effective implementation of initiatives and programs through the establishment of appropriate context and setting of direction for team by providing relevant information, establishing goals, and setting limits with the context and prescribed limits of the group Director.
  • Establish a working relationship with personal lending team to solicit their views on the working environment, potential changes affecting their work, continuous improvement opportunities and revisions to the plan.
  • Establish and optimize team integration by articulating the linkages between the accountabilities and authorities of different roles across the group and by establishing the context in which they will work collaboratively with one another.
  • Product Management and Development

  • Develop extensive product expertise and intimately understand all aspects of product performance and drivers (market, financial, business) to inform product features and benefits and provide advice and recommendations to the Director.
  • Design, implement and manage :
  • Amendments, enhancements and additions to the existing product portfolio to achieve market share and profitability goals, and ensure products are simple for customers to use and straightforward for sales force to sell, fulfill and service.
  • Profitable new products and features to meet customer, sales force and market needs, and leverage performance drivers. (New product / feature planning requires identification of new product / features / enhancements, concept / opportunity evaluation, and consideration of new market entries.
  • Includes concept screens, product / feature feasibility assessments (e.g., economic, market and technical feasibility), business case preparation and overall product definition.

  • Optimize features and functionality through rationalization and simplification to profitably differentiate products in the marketplace based on a thorough understanding of competitor / substitute products and product performance and deep customer knowledge / insights.
  • Develop strategic and tactical plans to manage existing products, seeking to maximize value creation across the product portfolio balancing simplification of the product offering with customer need fulfillment.
  • Monitor operations to ensure product systems are maintained and continuously improved. As appropriate, enhance the product delivery system infrastructure, including improvement of existing product systems, processes and documentation in support of product introductions, changes / enhancements and operations, in order to meet customer needs and facilitate ease of sales, fulfillment and servicing.
  • Regularly monitor customer and competitive environments to ensure product offers remain relevant to customer needs and achieve the desired competitive positioning.
  • Provide input into product pricing structure, particularly regarding feature / price tradeoffs, based on a throughout understanding of competitor / substitute products, product performance and deep customer knowledge / insights.
  • Monitor product and system performance, acting as subject matter expert to systems development and implementation functions to ensure effectiveness, efficiency and achievement of results across P&C.
  • Pricing Management

  • Manage the exception pricing process ensuring line staff receive the information and support required to price effectively and have informed conversations with their customers.
  • Where appropriate, evolve our risk-based pricing capabilities for Commercial / Retail Lending portfolios, ensuring return is commensurate with risk at the transactional, customer and portfolio levels.
  • Develop and maintain robust customer / relationship pricing decision support tools for use by the Sales Force to enable them to make sound pricing decisions.
  • Monitor pricing influences and implications where there are pressures on price / pricing strategy outside of Product, making recommendations and managing conflicting interests.
  • Manage the processes to change customer interest rates in all Bank systems, ensuring this is done in a timely manner.
  • Pricing Operations & Strategy

  • 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.

  • Monitor interest rates, and manage within approved product group strategies across the product suite, including maintaining the models to analyze the financial impact of rate decisions.
  • In collaboration with all Product groups, manage gross spreads to ensure profitable growth and stability and predictability of Net Interest Margins at the P&C portfolio level.
  • Manage the development and maintenance of pricing models and tools to support spread management optimization and support analysis.
  • Act as business owner and manager of pricing decisioning rules and process including those required for system supported decisioning.
  • Develop and maintain decision rules for risk-based pricing, origination pricing, relationship pricing, etc., ensuring models are updated with key inputs and assumptions to maintain currency.

  • Analyze mix across the lending and deposit portfolios, monitoring that funds transfer pricing appropriately optimizes yield while mitigating interest rate risk and recommending actions as appropriate.
  • Governance and Risk Management

  • Proactively explore existing and potential risks and sources of risk, taking specific actions to more accurately and effectively identify and manage various forms of risk, escalating probable issues of materiality to the Director.
  • Develop new analytical approaches and strategies to identify, measure, mitigate and manage product level risk and collaborate effectively with process simplification & technology on operational risk.

  • Lead compliance activities specific to portfolio, understanding the external regulatory and legal environment and mitigating risks to an acceptable level.
  • Where applicable, manage and maintain a full risk-based pricing capability, incorporating credit risk, market risk, drivers to enable pricing at the margin and push the risk / return envelope.
  • Provide the leadership team with expert advice on the impact of various product decisions on investment, liquidity, capital and transfer prices.
  • Develop and manage the governance and compliance oversight framework for the Product function to support executive attestations and accountabilities.
  • Channel Management

  • Ensure that the set of channels through which the product is distributed is optimal, and, in collaboration with other parts of the Bank develop a concise channel strategy, and ensure execution on the strategy
  • In some cases, actively manage one or several channels
  • Legal structure management

  • Ensure that the proper legal structure is in place for managing the products in the portfolio
  • Serve as officer and / or provide input and leadership on the relevant legal structures required for the product group
  • Planning

  • Develop, implement, review and revise a 2 year plan including : vision, mission, values, operational and resource plans.
  • Establish goals, plans and assignments for team to achieve the plan.
  • Review progress to plan, and develop, communicate, delegate and actively participate in the implementation of actions necessary to correct internal and external issues.
  • Escalate significant issues to the Director.

  • Determine and deploy processes and human resources, and optimize the allocation of resources within the team.
  • Develop, implement and review a plan to complete all assigned tasks in a timely manner to acceptable quality standards.
  • Product Documentation

  • Describe both the Bank’s and customers’ obligations and privileges, in order to ensure the Bank provides sufficient information and disclosure to the customer, as clearly, efficiently and effectively as possible.
  • Cross Functional Relationships

    Legal

    Personal Sales Force Effectiveness

    Commercial Operations & Lending Process

    Technology & Operations, including P&C Product Operations

    Skills

  • Product Management (In-depth)
  • Ability to develop and drive strategy across a matrixed organization
  • Ability to work in white space
  • Analytical Thinking (In-depth)
  • Risk Management (In-depth)
  • Environmental Understanding (In-depth)
  • Environmental Awareness (In-depth)
  • Financial Understanding (In-depth)
  • Process Management (Working)
  • Resource Planning (Working)
  • Knowledge

  • 5 7 years product management experience
  • Financial services industry knowledge
  • Education

  • Minimum University Undergraduate degree preferably in Business, Economics, Math, or Engineering
  • Preferred a graduate degree (MBA, Masters in Economics, Math, Engineering)
  • 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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