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,…