What are the responsibilities and job description for the Product Development Manager position at SAFE FCU?
SUMMARY:
Oversees the process of developing and enhancing new and existing products. Responsible for the research, recommendation, and development of deposit and lending products. Responsible for tracking performance of new products and making data-driven recommendations to improve member experience, revenue streams, and operational efficiency. Collaborates with business unit owners to uncover new product opportunities and existing product enhancements.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following:
• Meets established goals and objectives for product implementation and performance
• Responsible for attaining various key performance indicators (KPI) to include new member acquisition ratios, new and existing product penetration, product profitability, and penetration of core services.
• Responsible for new product development and enhancement of existing products for both deposit and lending services. May include recommending removal of existing products when warranted.
• Works closely with business unit owners to successfully implement projects relating to new products and services. Periodically acts as project lead when necessary.
• Responsible for ongoing review of deposit and lending product profitability and making recommendations to improve profitability through increased revenue or expense reduction.
• Develop an understanding of member product needs by conducting industry research, data analysis, members surveys, and other tests as necessary.
• Propose new features and products for approval by executive and senior management, considering all outcomes impacting members, employees, and the financial performance of the Credit Union.
• Collaborates with employees across the organization to understand product needs and includes this information in the analysis of new product development.
• Monitors existing product penetration and performance to uncover opportunities to enhance or eliminate existing services.
• Periodically visits branches and call centers, meeting with managers to gain an understanding of member needs and gaps within the current product suite.
• Closely monitors the performance of new products and services and provides updates on expected outcomes, key performance indicators, member experience, and financial impact.
• Works closely with IT, Marketing, Compliance, Training, and other Member-Impacting departments to ensure new products will deliver expected outcomes.
• Works closely with member experience team to develop, implement, and monitor a successful member relationship program.
• Maintains a strong knowledge of new and emerging technologies, member behavior trends, industry trends, and peer/competitor offerings
• Other duties as assigned
SUPERVISORY RESPONSIBILITIES:
No supervisory responsibilities for this position.
PERFORMANCE STANDARDS:
Research, recommend, and develop new and existing products for both deposits and lending. Provides management with data-driven recommendations considering the impact on members, staff, and the organization. Assists with implementation of new products and services and works with key stakeholders to achieve expected outcomes of new products and services, post implementation.
QUALIFICATION REQUIREMENTS:
To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.
Regulatory Requirements: Your position has specific procedures that must be followed to comply with the Privacy Act, Office of Foreign Assets Control (OFAC), and Bank Secrecy/Patriot Act. You will receive annual training to keep you current on any changes to these policies/procedures to assure compliance. Failure to comply with procedures may cause termination of your position as well as possible monetary penalties from the federal regulatory agency.
EDUCATION and/or EXPERIENCE:
High school diploma or general education (GED) required. Bachelor’s degree in Business or a related field from an accredited university preferred. Three years minimum related experience and/or training; or equivalent combination of education and experience.
LANGUAGE SKILLS:
Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
MATHEMATICAL SKILLS:
Ability to add, subtract, multiply, and divide using whole numbers and decimals. Ability to compute rate, ratio, and percent and to draw and interpret graphs.
REASONING ABILITY:
Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
CERTIFICATES, LICENSES, REGISTRATIONS:
No Special Requirement.
OTHER SKILLS and ABILITIES:
Working familiarity of products and services offered throughout the financial industry and the ability to analyze, recommend, and present proposals for new products and services.
PHYSICAL DEMANDS:
The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to sit; use hands to finger, handle, or feel objects, tools, or controls; and talk or hear. The employee frequently is required to stand, walk, and reach with hands and arms. The employee is occasionally required to climb or balance and stoop, kneel, crouch, or crawl.
The employee must occasionally lift and/or move up to 35 pounds.
WORK ENVIRONMENT:
The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
The noise level in the work environment is usually low to moderate.
MENTAL DEMANDS:
The mental characteristics necessary to competently perform this job include the need to occasionally use complex and basic numeric calculations; to frequently use problem solving with members and credit union personnel; and to continuously be alert, precise, resourceful, and to use visual, auditory, and spatial perception in all the branch functions.