Product Manager - Deposit Fee Strategy

Job Description

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.

We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description

This job is responsible for managing the end-to-end product life cycle, including conducting market research and competitor analyses, determining product pricing, developing short and long-term strategies, identifying innovative opportunities to modernize product offerings and deliver a more unified customer experience, and adhering to the Product Risk Management policy. Job expectations may include ensuring that product management efforts are integrated with sales, marketing, operations, implementation, and customer service strategies.

The Deposit Product Manager – Fee Strategy is responsible for developing and driving strategies that enhance client experience, reduce risk, and improve efficiency related to deposit product fees. This individual will collaborate with leaders across multiple products and key support areas such as Finance, Risk, Technology and Marketing to develop strategies, implement key changes and address issues.

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

Internal employees who are currently working from home are still eligible to apply. However, if selected for the role, you may be required to work onsite in accordance with the workplace excellence policy

Responsibilities

Identifies and creates comprehensive plans for product development and deployment, including supporting the creation of sales training programs and marketing materials to educate clients and internal teams on product capabilities

Oversees a set of products and maintains financials, including managing the investment profile and profit and loss (P&L) activities, such as revenue and profit margins

Provides information on product trends to sales and marketing teams leveraging knowledge of product functionality, marketplace trends, and the competitive landscape

Identifies opportunities to streamline or enhance product offerings to fit client's existing and future needs and support continued growth and operational excellence

Manages risk through implementing and monitoring effective controls in partnership with key support partners

Partners with internal stakeholders to obtain meaningful insights about markets, clients, and competitors in order to develop products that solve client needs and ensure high adoption rates

Lead successful implementation of key initiatives, ensuring alignment to overall strategy

Support product control efforts, including completion of risk assessments and management of Deposit Fees tests and metrics.

Understand competitive and regulatory fee environment, develop fee strategies that enhance client experience, reduce risk, and support responsible growth

Provide ongoing analysis and review of key fee performance metrics with senior leaders in various organizations

Assess financial, compliance, client and associate experience implications of fee strategy changes

• Identify deposit fee related issues and lead remediation efforts
• Monitor client feedback and drive best in class client experience

Required Qualifications

Detail-oriented, highly organized, adaptable to ever-changing requirements

Understanding of Consumer & Small Business products, channels, and financial performance measures/drivers

Proven self-starter with the ability to manage multiple priorities and deadlines efficiently

Ability to identify key successes and opportunities, and deliver recommendations based on findings

Strong communication skills (verbal and written). Must be able to concisely summarize key observations, clearly articulate considerations, propose solutions

Proven out-of-box thinker. Strives to bring new thoughts and ideas to drive innovation and unique solutions.

Process oriented, looks for ways to continuously improve efficiency and reduce risk

Ability to navigate the organization, build strong partnerships, and influence across the organization to drive key results

Desired Qualifications

Project / Initiative Management

Strong analytical skills, ability to work with large sets of complex data, understand and extrapolate key insights, via Excel and PowerPoint

Skilled in creating visually pleasing, executive level presentations in Microsoft PowerPoint that effectively “Tell the Story”

Skills

• Attention to Detail
• Collaboration
• Oral Communications
• Presentation Skills
• Reporting
• Continuous Improvement
• Executive Presence
• Problem Solving
• Process Management
• Product Management
• Business Analytics
• Influence
• Innovative Thinking
• Market Analysis

Strategic Thinking

• Shift:
• 1st shift (United States of America)

Hours Per Week

40

Pay Transparency details

US - MA - Boston - 100 Federal St - 100 Federal St Lp (MA5100), US - NY - New York - 1114 Avenue Of The Americas - Grace (NY1544)

Pay and benefits information

Pay range

$103,500.00 - $150,100.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.