Product Development Manager

Location

Middletown, RI | United States

Job description

BankNewport celebrates being a community bank since 1819. Yes, that’s 200 years, and still growing. Offering new and exciting career opportunities, BankNewport is committed to providing our employees the resource and guidance to develop careers that are challenging and rewarding.

So if you’re looking for a great professional opportunity, know that BankNewport will empower and invest in you.

Leads product development, strategy and redesign from concept through development to market launch. Oversees and directs the strategic development, deployment and ongoing performance of the assigned Retail and Consumer product lines; Ensures that products are integrated and effective in meeting customer needs and company objectives; Develops, manages implementation and ongoing performance of strategic plan for assigned product(s) development including profitability, risk mitigation and pricing disciplines and retention/growth objectives.

• Develops products by identifying potential products, conducting market research, generating product requirement, and determining specifications, production times tables, pricing and time integrated plans for product introduction.
• Recommends the nature and scope of present and future product lines by reviewing product specifications and requirements, appraising new product ideas and/or product or packaging changes.
• Support product and pricing strategies in alignment with near and long term business objectives.
• Support projects such as new product launches and pricing strategies. Support development of business cases and navigate through the appropriate governance and approval processes.
• Enhance product profitability, balances and margin through pricing optimization, competitive analysis, risk mitigation, and other analytical methods for retail and consumer products
• Interpret and forecast key business-drivers based on evaluation of product and pricing variables.
• Serve as an active participant on the Bank’s pricing or risk committees.
• Facilitate pricing discussions and strategies, as well as exception mitigation processes, with LOB representatives.
• Serve as the product, pricing and risk subject matter expert and liaison between LOB leaders and numerous internal departments, including Marketing, Sales, Compliance, Operations, Technology, Finance, Credit and Risk.
• Support pricing, risk mitigation and fee recommendations in collaboration with appropriate committees using competitive insight, market/risk analysis and financial forecasting.
• Continuously identify product and pricing gaps, process improvements, efficiency opportunities and product risks/issues and receive stakeholder buy-in and alignment on proposed solutions.
• Keep up to date on local competition and markets to understand where customer demand is trending.
• Engage with sales teams and marketing to solicit new product ideas and pricing strategies for continued evolution and improvement.
• Support marketing and sales efforts to develop effective programs to sell assigned products
• Support product mapping strategies as part new product launches

OTHER ACCOUNTABILITIES / RESPONSIBILITIES:

Performs related and unrelated duties as may be required.

• Bachelor’s degree with 5 years in product development and pricing equivalent experience required.
• Knowledge in the following areas preferred: regulations governing bank products, marketing, strategy development and bank’s operating systems.
• Demonstrated finance skills with ability to perform data analysis that will deliver incremental value through support of product and pricing .
• Proven collaboration, business case building, influencing and consensus building skills that support leading, managing, and working collaboratively with peers and executive management
• Has demonstrated excellent analytical skills, excellent verbal and written communication skills, organizational skills, critical thinking skills, and attention to detail.
• Able to function effectively in a fast-paced environment with constant deadlines and multiple priorities.
• Proficiency using Microsoft Office products including Outlook, Word and Excel.

BANKNEWPORT CORE VALUES:

• We celebrate individuality
• We empower employees to be creative problem solvers
• We invest and take the time to really get to know our customers
• We commit to serving the financial needs of Rhode Islanders

Any physical demands or work conditions 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.

BankNewport is committed to a policy of Equal Employment Opportunity and will not discriminate against an applicant or employee on the basis of race, color, religion, creed, national origin or ancestry, sex, age, physical or mental disability, veteran or military status, genetic information, sexual orientation, gender identity or expression, pregnancy, childbirth or related medical conditions, military service, marital status, or any other legally recognized protected basis under federal, state or local laws, regulations or ordinances.

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