Vehicle Lending Product Manager

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 is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

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, reporting, 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.

Manage aspects of the vehicle lending strategic alliance programs and relationships with heavy focuses on customer experience, cash and back-office operations and escalations with corresponding initiative management partnering directly with the client and key vendors, and leading through effective internal and external engagement.

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:

• Directly manage, support or oversee engagement with Lucid Motors and the impact to customer experience as the primary leader to support escalated transactions, manufacturer buybacks and process improvements to support to program. 
• Engage with Lucid, internal partners (servicing oversight, legal, risk) and third-party servicers to support customer experience initiatives which include governance (UCRA, CAST), transaction flow / system changes, process / procedure changes, internal / external partner socialization and recording of project status and outcomes.
• Drive process improvement initiatives and changes balancing the needs and timelines of the client, the Bank and third parties with effective communication and collaboration.
• Solve transactional level outcomes from origination impacts to customer complaints and escalations in partnership with servicing oversight, legal, risk, and other internal partners, alongside Lucid and our third-party servicing vendor.
• Work directly with third-party vendors (technology, servicing) to support program and drive initiatives and changes
• Ensure Lucid’s marketing of the program, terms and disclosures are accurately displayed and effectively reviewed by internal partners on each new marketing campaign
• Collaborate and coordinate with Product teammates both in peer and manager capacity to support customer issues, process improvements or initiatives, change or risk management.
• Lead with a focus on product controls, metrics and procedures within the Single Process Inventory (SPI) structure supporting teammates to build and manage an unwavering risk framework.
• Perform analysis for internal program governance – risk / reward and business case, originations, portfolio management performance, forecasting
• Present to leadership on various topics including customer experience, marketing, program performance, initiatives and change management, control environment.
• 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

Required Qualifications:

• Ability to navigate and support a relationship with a critical third-party client with daily interactions as well as with third party vendors with frequent interactions
• Ability to navigate and support internal partner stakeholders in strategy and operational program development, with ability to influence others and collaborate toward effective effort completion and maintaining timelines
• Auto lending knowledge from application, origination and servicing
• Experience developing client driven strategies and implementing solutions at the enterprise level
• Strong communication skills to effectively 'Tell the Story'
• Focus on risk management and ensuring control environment supports the program and its growth
• Strong financial acumen with ability to determine risk vs. reward;  ability to build business cases to help drive change
• Ability to handle ambiguity, be flexible and adapt to changing circumstances
• Positively motivates others and successfully builds relationships
• Strong Excel, PowerPoint and M365 Copilot skills

Desired Qualifications:

• Project / Initiative Management
• Product and Product Risk Management
• Auto Finance industry Experience
• Process Inventory knowledge and Control measurement experience
• P&L and Pricing Management 

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 - NY - New York - 1114 Avenue Of The Americas - Grace (NY1544)Pay and benefits informationPay range$103,500.00 - $150,100.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis 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.BenefitsThis 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.