About the position
The Consumer Loan Product Manager is responsible for managing end-to-end development, design, promotion, pricing and launch of the bank's consumer loan products. This position uses market research aligned with business goals to develop the overall vision and strategy of the bank's consumer loan products that support growth and retention of consumer portfolios (Personal Loans/Lines, Auto and Credit Card). This position assesses outcomes of the bank's consumer loan products using key performance indicators that drive business performance and is also responsible for the successful planning and execution of lending product campaigns and analyzing results for future efforts. Performs all duties and interacts with internal and external customers in a manner that is expressly aligned with the Company's Core Values of approaching all actions with a 'Voyaging Spirit' and being 'Positively Ohana'. Exhibits core competencies that result in consistent delivery of positive Customer Interactions, Empowerment and Ownership and demonstrates key professional and performance skills such as Active Listening, effective Oral and Written Communication, Action and Solution Oriented and Thoroughness.
Responsibilities
- Establish and execute annual strategic and action plans for product sales, introductions, enhancements and rationalization to support corporate objectives, including budgeting plans, cost/benefit analysis, and timetable.
- Manage product penetration to support corporate sales objectives, increased wallet share, and increased core relationships.
- Rationalize and communicate the current and future product/service needs of our target markets, as well as the related competitive environment to maintain a competitive and marketable product mix through the introduction of new and enhancement of existing products.
- Negotiate, execute, and manage contracts and agreements with service providers, business partners, and other third-party entities as required to support the department and bank objectives.
- Manage fee revenue for applicable fees to within +/- 10% of budget. This includes fee revenue from the Elan credit card relationship.
- Develop competitive analyses and pricing models to formulate recommendations and parameters for pricing implementation in various markets.
- Translate business, market, and technical requirements into formal functional design and requirements documentation to support the implementation and marketing of new and enhanced products and services.
- Define, monitor, and manage product performance of the lending product set to identify value drivers.
- Develop and implement effective risk management components to ensure all consumer loan products meet compliance and governance requirements.
- Produce comprehensive reporting and monitoring throughout the total lifecycle of all consumer loan products.
- Work closely with consumer loan operations to ensure compliance with all regulatory requirements including assisting with risk assessment, testing and process improvement.
- Keep abreast of changes to the laws and regulations and implementing regulatory changes affecting the consumer loan products.
- Review, draft, and/or update consumer loan product policies, procedures, processes, guidelines, and controls to ensure that regulatory requirements are sufficiently addressed and that day-to-day activities operate in a compliant manner.
- Escalate compliance concerns to the Corporate Compliance and ensure that any corrective action is taken as necessary and appropriate to address compliance concerns.
- Facilitate inter-departmental support for product development planning, implementation, quantitative and qualitative measurement, and future initiatives.
- Provide training to end-users for any new product and changes to existing products well in advance of implementation.
- Regularly monitor consumer loan products' service performance, customer satisfaction survey results, complaints, and breaches. Lead research and identification of root cause analysis of issues and recommendation for resolution and process improvement.
- Assess the competitive landscape, industry trends and market demand as it relates to new products, services, pricing, promotional structures, and fees.
Requirements
- Bachelor's Degree in business or marketing and/or equivalent work experience required.
- 4+ years of experience in Product management, marketing, banking, or project management required.
