• Job Description

  Req#: 24039490

  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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

  One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

  Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

  Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

  Job Description:

  This job is responsible for supporting the end-to-end product life cycle by conducting market research and competitor analyses, determining product pricing, and identifying innovative opportunities to modernize product offerings and deliver a more unified customer experience. Key responsibilities include managing product profitability, monitoring and reporting financial performance, and preparation of governance documentation. Job expectations include ensuring that product management efforts are integrated with sales, marketing, operations, implementation, and customer service strategies.

  The Product Strategy, Transformation & Rewards Team is responsible for developing and delivering client-centric strategies and innovative solutions to meet our clients current and emerging financial needs with the goal of driving significant, incremental client engagement and revenue streams. The team is accountable for leveraging customer and competitive insights to understand current and future clients’ needs and developing solutions against highest priority client needs across Retail, Preferred, Business and GWIM segments.

  Reporting into the Product Strategy Executive, the Product Strategy Initiatives Consultant will be responsible for identifying growth opportunities and developing recommendations that help our clients meet their evolving payment, borrowing, saving and investing needs.

  Responsibilities:

  • Supports comprehensive plans for product development and deployment, including engaging in the creation of sales training programs and marketing materials to educate clients and internal teams on product capabilities
  • Maintains product 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
  • Assists with streamlining or enhancing product offerings to fit client's existing and future needs to 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
  • Develop medium- and long-term strategies that design and tailor products and solutions to support the growth objectives of the business segment
  • Partner with product owners to develop long-term growth strategies for core product lines, requiring in-depth performance analysis and competitive insights
  • Contribute to product performance metric success, revenue and expense opportunities, and business case analysis based on strategic opportunities
  • Partner closely with segment, product and marketing colleagues to help deliver a holistic, integrated product strategy centered on the client experience
  • Lead analytical assessment to deepen understanding of business economics, client attrition, client profitability, etc.
  • Lead analyses to screen potential third party partnership targets and manage business development processes

  Required Qualifications:

  • 2+ years of financial services product management or strategy consulting experience preferred
  • Strategic, logical and creative thinker with an ability to translate strategy into clear objectives and tactics
  • Ability to engage across business lines and develop strong working relationships with business partners
  • Strong communication and presentation skills (verbal and written). Must be able to concisely summarize key observations, clearly articulate considerations and propose solutions
  • Demonstrated industry knowledge. (i.e., clients, competitors, products, etc.)
  • Exhibit a strong drive for results and success; demonstrate a sense of urgency to achieve outcomes and exceed expectations
  • Proven ability to influence, drive change and deliver results via key business metrics

  Desired Qualifications:

  • PowerPoint
  • Excel
  • Executive presentation skills

  Skills:

  • Administrative Services
  • Attention to Detail
  • Collaboration
  • Reporting
  • Written Communications
  • Continuous Improvement
  • Oral Communications
  • Problem Solving
  • Process Management
  • Product Management
  • Business Analytics
  • Critical Thinking
  • Market Analysis
  • Research
  • Strategic Thinking

  Shift:

  1st shift (United States of America)

  Hours Per Week:

  40

  Pay Transparency details

  US - NY - New York - 1114 Avenue Of The Americas - Grace (NY1544)

  Pay and benefits information

  Pay range

  $72,000.00 - $117,200.00 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.

• About the company

  Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

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