Our top banking client is looking for a Product Owner to join their expanding department.
The role holder has hands-on responsibility for a product or products, in their allocated Cash Management / Payments expertise.
Manage the lifecycle of existing products, introduction of new products or product amendments in line with the prevailing instructions, using the New Product Checklist (NPC), including:
· Process description (from concept to delivery)
· Product design and parameterisation
· Contracts/Terms and Conditions
· Customer pricing and profitability accounting
· Internal/external product collateral and instructions
· Market and competitor comparison
· Engage with and influence key Bank stakeholders, gaining support for new products/changes
· Present papers to Product Committee, and attend other Committee meetings (as appropriate), under the minimal of supervision, which clearly illustrates a high degree of competence at a Subject Matter Expert level.
The role holder will:
- Support the Senior Product Owner (SPO) to develop and maintain a strategy for product or products within area of responsibility
- Monitor product costs and income, and maintain profitability model for products, where relevant
- Support the SPO in developing recommend customer prices and setting internal prices/reviewing internal prices set by UKAO or the regions
- Review customer complaints relating to the product, monitor trends, and implement remedial actions, where necessary
- Input into the product area's business plan for products within area of responsibility
- Register and maintain the products in the product database. Undertake an annual product review (where necessary) including an audit of product specifications
- Document and maintain the product specific process(es) within area of responsibility, ensuring full compliance with Global Instructions (GIS) relating to Essential Processes
- Ensure Departmental Instructions covering the area of responsibility are maintained
- Using appropriate methods, understand customer sentiment towards existing products and act on any changes required, to ensure we are able to meet our customers' needs
- Document and maintain relevant marketing material
- Keep abreast of market trends, innovation and competitor products and associated pricing
- Respond to branch queries and update instructions for clarification where necessary
- Ensure customer journeys are as consistent and efficient as possible
- Ensure compliance with the Bank's Product Governance Policy
- The role will involve travel around the UK as circumstances may dictate.
- Develop a roadmap for delivery of the product strategy
- Monitor legal, regulatory and internal changes and applicability to products, ensuring product compliance
- Engage with internal stakeholders to gauge appetite for changes to products and gain approval for the development of new and/or changes to existing products
- Using UMOD and the relevant documentation, play an active role (demander/ business responsible) in the development of any new products or product features
- Carry out a comprehensive risk analysis of the product (Bank risks and customer risks), giving consideration to all areas of risk detailed in the New Product Checklist (NPC)
- Constantly monitor the product for new or emerging risks. Maintain an accurate register of risks (OPRA), take appropriate action to report risks when identified and work with speed to address known risks (where possible)
- Operates in line with the Bank's Risk Management framework (including sub-frameworks) and relevant risk and compliance policies and procedures, ensuring appropriate and timely escalation of any concerns to their line manager.
- Ability to prepare documents for committee approval
- Strong Payments products knowledge
- Ability to understand connected systems via map
- Ability to understand customer impacts
- Strong knowledge of risk and associated risks of products
- Cash Management experience in banking