Product Manager - Deposit Fee Strategy

Bank of America; Phoenix (AZ); On-site; USD 104,000 - 150,000; Full time

Job summary

Bank of America Deposit Product Manager – Fee Strategy role seeks to develop and drive fee strategies that enhance client experience, reduce risk, and improve efficiency across deposit products. You will collaborate with Finance, Risk, Technology and Marketing to implement changes and address issues.

Responsibilities include leading initiatives, managing risk controls, monitoring fee performance metrics, and providing analysis to senior leaders to support responsible growth and strong adoption

Qualifications

• Detail-oriented and organized with ability to manage multiple priorities.
• Understanding of Consumer & Small Business products and financial performance.
• Strong written and verbal communication; able to summarize observations clearly.

Responsibilities

• Identify and create plans for product development and deployment with sales training materials.
• Oversee a set of products and manage P&L, including revenue and margins.
• Provide insights on product trends to sales and marketing using market data.
• Identify opportunities to streamline offerings to meet client needs.
• Manage risk by implementing controls with key partners.
• Collaborate with internal stakeholders to gain market insights for new products.
• Lead successful implementation of key initiatives aligning with strategy.
• Support product control, including risk assessments and fee tests.
• Understand regulatory fee environment and develop client-focused strategies.
• Analyze fee performance metrics with senior leaders.
• Assess implications of fee strategy changes on compliance and experience.
• Identify fee-related issues and lead remediation efforts.
• Monitor client feedback to drive best-in-class experience.

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

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 ofproducts 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.