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Director of Payments
BMO Financial Group
Chicago, IL, United States
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Description
We are seeking a highly motivated Product Team Leader to play an active role in helping to define and execute on our product roadmap aspirations for our North American Disbursement and Electronic payments team within Treasury and Payment Solutions. Based in Chicago, this leader will set the vision for our competitive product suite, creating solutions that extend the usability, customer experience and reach of our services through the development of new functionality working in partnership with our Channel, Technology and Operations and Risk partners.
This leadership position will manage a team of 9 product management professionals across North America and will also play the role as Senior Product Manager to help us build and create a leading customer experience across all customer segments, Business Banking, Commercial and Capital Markets in both Canada and the US. While also responsible for the P&L of their product portfolio, this role will work closely with internal and external cross-disciplinary teams; including sales, technology, legal, compliance, AML and service delivery teams with a primary focus on delivering products that help define the customer experience as best in class. The successful candidate will be passionate about delivering a high quality user experience to our customers through the innovation of payment platforms and multi-channel integration.
• Drive day-to-day product management activities, acting as the product owner
• Identify, define and drive core functionality improvements for the product portfolio
• Manage existing vendor relationships and key third party service providers
• Continually drive products towards a meaningful balance between managing risk, user needs, business objectives and technical feasibility
• Facilitate and drive solutions across the organization; working with legal, risk, ops, AML and technology teams to prioritize, deliver and align with senior management
• Contribute to the strategic development, ongoing refinement and execution of the product roadmap
• Build relationships with multiple diverse stakeholders across BMO Financial Group
• Optimizing the financial performance of the product portfolio through the management of balance, mix, spread and non interest revenue; increasing market share, share of wallet, customer retention, and product and customer profitability
The role is accountable to intimately understand and manage all the dynamic elements of the Treasury Management Remittance and Image Services product portfolio construct, 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.
The role develops and maintains directives, standards and policies for existing and new products including existing and new functionality. The role is accountable to lead new product development, and ensuring that all the relevant parties within the Bank are consulted and to ensure that timelines are met and the root causes for any deviations are identified and actioned.
The role is accountable to identify and share product analytics, customer and competitive insights to support enhanced customer knowledge and collaborate effectively with key stakeholders, such as marketing, customer acquisition, and process simplification and technology, on programs, campaigns, and any other required changes.
The role is required to maintain an external focus to understand competitive, environment and technology changes that will impact product portfolio and recommend plans and strategies to capitalize on any change to meet overall business objectives or to minimize risk.
This role will contribute to: optimizing the financial performance of the product portfolio through the management of balance, mix, spread and non interest revenue; increasing market share, share of wallet, customer retention, and product and customer profitability.
Qualifications
KNOWLEDGE
• Management of a cross border Product Management team with a focus on change management to keep pace with technology innovations in the payments space
• Broad business and/or line experience coupled with a detailed understanding of the financial and behavioural drivers of product profitability
• Extensive knowledge of financial services industry, competitive environment, and emerging payment and channel technologies
• Strong focus on risk management principles and controls
• Strong understanding of customer needs, expectations and customer change management
• Direct interface with Canadian and US regulators
• In depth experience in new product/service development
• Develop, implement, review and revise a 3-5 year product strategy and work plan including: vision, mission, values, operational and resource plans and establish goals, plans and assignments for each direct report.
• 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 Vice-President.
• Design, implement, and manage amendments, enhancements and additions to existing products and profitable new products and features to meet customer, sales force and market needs.
• Proactively explore existing and potential risks and sources of risk, taking specific actions to more accurately and effectively identify and mitigate various forms of risk and escalate probable issues of materiality to the VP. Understand the external regulatory and legal environment and mitigating risks to an acceptable level.
• Develop, implement, and manage all product specific policies for the product portfolio to ensure they are effective and aligned with the internal and external requirements.
• Create, implement and manage product documentation, templates and requirements to ensure documents accurately reflect product and systems functionality and features (and vice versa), and comprehensively 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
SKILLS
• Exceptional relationship management and people management skills both locally and remotely
• Strong oral and written communication skills
• Ability to manage projects with high complexity.
• Able to think strategically and resolve complex and/or ambiguous problems.
• Effectively able to manage change in fast paced environment.
• Ability to effectively communicate with executives
• Highly developed analytical and problem solving skills and an ability to assimilate a large amount of information for purposes of identifying value-added observations
• Strong prioritization, time management and multi-tasking skills
• Able to resolve a magnitude of diverse, complex and ambiguous issues/situations
• Ability to manage in unstructured situations with innovative and creative thinking
• Strong team player – effective in achieving results in a “matrix” environment
• Candidate must be able to travel given accountability to manage a cross-border team.
EXPERIENCE
• 10+ years product management/people management experience – including defining user experience needs, product value propositions, developing features and benefits, managing financials and developing roadmaps
• Strong people management skills
• E-Commerce / Payment product development experience desired
• Deep understanding of product architecture and partner solutions
• Experience and comfort working with data and analytics
• Passion for online and payment technology and knowledge of industry structure, trends and influential companies
• Experience working directly with technology developers and users.
• Excellent presentation, demonstration, and inter-personal communication skills
We’re here to help
At BMO Harris Bank we have a shared purpose; we put the customer at the center 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 Harris Bank 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.
BMO Harris Bank 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. BMO Harris Bank is an Equal Opportunity Employer for all, inclusive of Minorities, Women, Veterans, and Persons with Disabilities.