A bank product manager develops a marketing plan to improve sales of a bank product or service and generate high sales volume. He is charge of activities such as the concept design, research activities, and sales goals of the product or service.
A bank project manager works with other departments such as accounting and engineering in order to brainstorm the idea of the product for the company’s satisfaction. He/she coordinates all areas necessary in order to bring the product into the market, and develops financial operating plans to project profit and loss of a product. Bank project managers also create and update management reports to track progress of product line, develop product descriptions and analyze performance of existing bank products. The bank project manager also develops and maintains key customer relations with internal business partners and vendor representatives, researches on competitive pricing and practices to ensure that the product remains competitive, and assures that the product has the highest quality of standard. Bank project manager also monitor industry trends related to the product.
Education and Training Requirements
Bank project managers usually possess a bachelor’s degree in business administration, marketing or finance. Others may even opt to earn a master’s degree in business administration in order to advance their credentials. Since they handle big projects for the bank, employers prefer managers who have at least five years of experience in product management.
Knowledge and Skills Requirements
A bank project manager must have a strong background in finance, marketing and accounting. Bank product managers never work alone which means that they must maintain good working relations with other team members. Despite this, he must have initiative when it comes to making decisions. He must also be proficient in accounting and other computer programs. Most importantly, bank product managers must have an in-depth understanding about the product’s features, pricing, benefits, positioning, design and promotions.
A bank product manager is usually employed the standard 40 hours a week schedule. He usually works in a pleasant, clean, well-lit and well-ventilated office environment. He may be required to do some traveling in order to be present in meetings, product researches, promotional activities and the like. Being employed by a banking facility may require bank product managers to be dressed in corporate attire at all times.
The average annual salary of a bank product manager is $51,000. Earnings of a bank product manger may differ depending on the manager’s educational attainment, experience and training. Other factors that may contribute to the range of his salary include the size and location of the bank he is employed in, benefits, compensations and even bonuses the bank employer provides.