Product Manager - Home Financing

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The Home Financing Product team (HF) rallies towards a common goal – a connected experience for customers as they navigate their biggest financial commitment, their home. The Product Manager will manage the relationship with broker channel external partners, working with cross-functional teams to resolve issues and execute on the broker channel strategy.

Working daily with external business partners, Analytics, Sales & Marketing, Distribution channels, Treasury, Product Ops, Digitization, Pricing, Policy, Compliance, Risk and Finance, HF brings together cross functional experts to deliver above market growth in a highly competitive industry.

This position offers unparalleled opportunities to learn from experienced Financial Services leaders growing the good by powering our frontline and helping our customers achieve real financial progress.

The Product Manager, Home Financing & Equity Products will primarily be responsible for supporting the acquisition strategy and Profit & Loss (P&L) for mortgages and home equity products in the mortgage broker channel, ensuring business plan expectations are achieved with additional focus on external partner relationship management, product design, strategy, customer experience, efficiency, compliance, innovation, continuous improvement and risk management.

Supports the execution of strategic initiatives for the broker channel to deliver on business and financial goals in collaboration with internal and external stakeholders

Supports managing the relationship with external partners associated with the broker channel

Contributes to product policy strategies that support stable and predictable performance and provide strategic differentiation and competitive advantage relative to industry peers.

Supporting managing and improving internal and external communication on product, policy, campaigns and other updates in the broker channel

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.

• 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.

• Participate in the development of end to end Distribution strategy for Home Financing Products so as to optimize profitability and penetration in the broker channel

• 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 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.

• 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

Key Accountabilities

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

Cross Functional Relationships

• Distribution (Broker and all other relevant channels)

• Corporate 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

Knowledge:

• Product Management specific to Home Financing

Experience in the mortgage broker industry a strong asset

• 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 finance or broker relationship 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

Skills:

• Strong cross functional collaboration/Relationship Building

• Strategic & Analytical Thinking

• P&L management

• Financial Modelling

• Problem-solving

• Time Management

• Negotiation

• Strong communication & influencing skills

• Program/ Project Management

• Microsoft Office (Advanced PowerPoint, Intermediated/Advanced Excel)

Qualifications:

• Possess advanced knowledge of Home Financing 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, MS Power BI, TIBCO Spotfire, TIBCO BPM, SQL, SAS and Tableau

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.