03/30/2024
Address:
33 Dundas Street West
Customer Solutions
Description
As the senior Product Manager, you will be responsible for developing and managing unsecured lending channel strategies within Personal Lending. You will lead initiatives, make key product decisions and drive a digital first approach for unsecured lending products. Key focus areas of the role include acquisition channel effectiveness and design, strategy development, customer solutions, compliance, innovation through continuous improvement and risk management. You will also be responsible for maximizing market share and share of wallet growth, while minimizing losses and attrition.
The role involves researching on industry capabilities and implementing digital sales and marketing strategies with P&L (profit and loss) accountability to enable the Banks sales channels to effectively sell, fulfill and service new and existing customers or portfolio of banking products and improve the customer experience. The individual carries out analysis on digital penetration, forecasting, monitoring products, pricing, and system performance, and assesses problems to develop and implement solutions. Manages product risks in compliance with legal, regulatory, and risk compliance, and reporting.
This role is part of the core Personal Lending management team, requires strong senior leadership communication / presentation skills, and is responsible for fostering a growth-oriented culture and driving cross-functional initiatives with key stakeholders (e.g. Digital teams, Branch and Call Centre engagement, Risk, Marketing, Analytics).
This role will report to the Director of Personal Lending Acquisition. It has three primary areas of accountability which are described in more detail below.
Key Accountabilities
Management & Leadership
- Makes strategy and new initiative recommendations to senior leaders on the businesses digital journey and new initiatives, based on an in-depth understanding of the business/group
- Ensure the timely implementation of initiatives and programs by aligning approach, establishing goals & milestones, and effectively managing people to get to the finish line
- Develop business cases for new initiatives and prioritize potential ideas for highest impact against targets, including business performance and customer focused solutions.
- Apply industry knowledge, internal and external client context and history as a key lens to inform channel effectiveness decisions. Combine business logic, rigorous analysis, and strategic perspective to improve BMO’s digital roadmap and reach
- Leads project teams and coordinates end to end program implementation.
- Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
- Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
Product Management & Development
- Drive profitability, portfolio growth, and service levels by developing and managing comprehensive digital first strategies (Acquisition & Portfolio) for our suite of unsecured lending products and relevant campaigns/channels
- Design, implement and manage profitable new product features, campaigns and initiatives to meet customer, business, sales force and market needs. Oversees the development of digital solutions to support unsecured lending product sales and service.
- 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 for improvement. Provides recommendations on product lifecycle.
- 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.
- Develops business cases by identifying needs, analyzing potential options, and assessing expected returns on investment.
- Conduct regular analytics on product related metrics, including, but not limited to, digital penetration, channel approval rates, lead and cue action rate, revenue, balance and market share, etc. Work with product analytics and customer insights teams to provide analysis and recommendations on channel effectiveness.
- Supports the execution of strategic initiatives in collaboration with internal and external stakeholders.
- Identifies emerging issues and trends to inform decision-making. Conducts independent analysis and assessment to resolve issues.
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.
- Develop and manage the governance and compliance oversight framework for the Product function to support executive attestations and accountabilities.
- Acts as a subject matter expert on relevant regulations and policies.
- 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.
Knowledge & Skills
Skills
- Product Management (In-depth)
- Building business cases and financial understanding - in-depth
- Analytical Thinking and ability to work in “white space” - (In-depth)
- Data driven decision making - In-depth / Expert.
- Risk Management (In-depth)
- Verbal & written communication skills, presentation - In-depth / Expert.
- Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
Knowledge
- Typically 7+ years of relevant financial services experience with at least 3+ years of product management experience
- Product management specific to Unsecured Personal Lending or Credit Cards would be an asset
- Product fundamentals including understanding product design and how the product works (policies and procedures), knowledge of delivery infrastructure systems and underlying product interdependencies.
- In-depth risk management associated with new and existing product development and management.
- Strong knowledge of banking product management and associated industry and regulatory requirements.
Education
Minimum University Undergraduate degree preferably in Business, Economics, Math, or Engineering
Compensation and Benefits:
$84,000.00 - $156,000.00
Salaried
The above represents BMO Financial Group’s pay range and type.
Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.
BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards
We’re here to help
At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://jobs.bmo.com/ca/en.
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. To request accommodation, please contact your recruiter.
Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.
