The Product Manager, Home Financing & Equity Products will primarily be responsible for managing the acquisition strategy and P&L for mortgages and home equity products within the Home Financing line of business, ensuring business plan expectations are achieved with additional focus on product design, strategy, customer experience, efficiency, compliance, innovation, continuous improvement and risk management.
- Supports portfolio strategy including product development and management, channel optimization, and development and maintenance of product policies with a focus on risk return.
- Develop and execute on the home financing acquisition strategy including campaign development and implementation, customer lifecycle management and product marketing to deliver on the acquisition plan objectives.
- 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.
- 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.
- Analyze data effectively to understand and solve business problems, identify growth opportunities and manage regulatory requirements
- Ensures an optimal channel strategy, initiates developments to our channel strategy, and actively manages the channels as required.
- Contributes to product pricing strategies 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.
- 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.
Product Management and Development
- Brings 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 and implement effective campaigns and leads strategy to drive home financing product acquisition and grow share of wallet amongst existing BMO customers.
- Deliver product solutions and enhancements in alignment with the approved Personal Banking Canada strategy that effectively meets the needs of our sales force (e.g., contribute to ease of product sales, fulfillment and servicing), maximizing both product penetration and speed to market.
- 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 and streamline the product offering, as appropriate, balancing simplification of the product offering with customer need fulfillment.
- Develop, implement and manage legacy product strategies (if applicable) including migration policy and strategies over time, balancing customer satisfaction with the costs and complexity of maintaining declining portfolios of retired products / pricing packages.
- Support the development of end to end Distribution strategy for Home Financing & Equity Products so as to optimize profitability and penetration amongst various BMO proprietary channels such as Branch, Specialized sales force, Front line, Customer Contact Center and Digital sales.
- Monitor operations to ensure product systems and processes 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 to the pricing structure for the product, particularly regarding feature/ price tradeoffs, based on a thorough 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.
- 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.
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.
Analytics & Reporting
- Monitor current and forecasted metrics for growth in balances and profitability
- Conduct regular analytics on product related metrics, including, but not limited to, revenue, balance, market share
- Work with product analytics, customer insights teams to provide analysis and recommendations on campaigns, programs and initiatives
- Participate and prepare regular quantitative reporting related to products/key initiatives
- Track campaign/program effectiveness by conducting post-campaign analysis and evaluation
A. Product management, research, strategy & documentation
B. Program and campaign development (with database marketing and leads partners)
C. Customer Lifecycle Management & Customer Segmentation
D. Results monitoring and reporting (Financial, Product and Channel)
E. Risk management & regulatory compliance
F. Product Policies and Procedures
G. Product Assessment
H. Product Advice/Subject matter expert
I. Channel Optimization and business model enhancement
Authorities Scope & Impact
Authority to use and access confidential information related to customer, product and financial information.
This job contributes to BMO Financial Group’s overall business results by managing product suites that contribute to the profitability of BMO Financial Group.
Key Performance Indicators
Cross Functional Relationships
- Distribution (Specialized sales force, Front line, Customer Contact Center, Digital sales and all other relevant channels)
- Marketing & Communications
- Customer and Product Analytics
- Risk, Compliance & legal
- Technology & Operations, including Product Operations
- Portfolio Management
- Personal Sales Force Effectiveness
- Finance, Accounting and Corporate treasury
Knowledge & Skills
- Product Management specific to Home Financing & Equity Products
- Product fundamentals; including understanding the design and how the product works (policies and procedures), knowledge of delivery infrastructure systems and the system linkages underlying
- Project management
- Real estate secured lending P&L experience a strong asset
- Marketing and campaign execution experience a strong asset
- Financial services/ mortgage industry experience a strong asset
- Consumer/commercial credit experience a strong asset
- Environmental awareness/understanding
- Risk management
- Process coordination and management
- Industry and regulatory requirements understanding
- Strong cross functional collaboration/Relationship Building
- Strategic & Analytical Thinking
- P&L management
- Financial Analysis
- Creative and Innovative mindset
- Time Management
- Strong communication & influencing skills
- Program/ Project Management
- Microsoft Office (Advanced PowerPoint, Intermediated/Advanced Excel)
- Possess advanced knowledge of Home Financing products and related industry
- Possesses a university degree in business/commerce, data sciences, engineering, finance and/or mathematics (graduate level degrees preferred) and/or 5 to 7 years of experience in product management and/or consulting
- Familiar with/ willing to learn one or more industry leading data and analytics tool sets including, but not limited to, TIBCO Spotfire, TIBCO BPM, SQL, SAS and Tableau
- This role operates within normal office conditions with minimal exposure to health risks.
We’re here to help
At BMO we have a shared purpose; we put the customer at the centre of everything we do – helping people is in our DNA. For 200 years we have thought about the future—the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we’re changing the way people think about a bank.
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://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. To request accommodation, please contact your recruiter.
Job Banking Solutions
Primary Location Canada-Ontario-Toronto
Organisation NA Pers & US Bus Bkg-X000004
Job Posting 11/27/19
Unposting Date 12/16/19