Innovation Concepts Director, Enterprise Payments
Has management responsibility for more complex/strategic product(s). Develops, sponsors and/or influences the strategies and tactics across functional groups and/or within a product group. Drives innovative idea generation for the products under their management. May act as an individual contributor or may lead a team to ensure that the product management effort is integrated with sales, technology, implementation, and servicing. Has responsibility for full marketing cycle for specific product categories, as well as financial responsibilities which include management of the P&L for their product (s). Has extensive technical or functional knowledge of product(s) managed. Products managed are generally more complex than those managed by less senior level product managers.
The Innovation group, within Enterprise Payments, focuses on uncovering future competitive advantages by harnessing emerging technologies, partnering and potentially investing in disruptive companies and incubating new client-driven solutions that capitalize on the increasingly digitized and networked global marketplace.
Reporting to the Head of Innovation, the Innovation Concepts Director is responsible for identifying and driving innovation of new or enhanced core concept solutions, within the commercial payments space to accelerate Bank of America’s position in this evolving market.
• Develop/identify innovation concepts through the innovation funnel process including testing with potential clients (internal and external).
• Partner with domain experts on identified concepts (internal and external), Strategy & Advisory, and clients throughout the process to develop and refine business cases and experimentation objectives.
• Understand the industry and competitive Landscape including client needs, product functionality, marketplace trends, and competitive landscape (segmented by global banks, FinTech, etc.) and be able to discuss topics as both micro and macro levels.
• Develop both short and long term strategy to innovate product and channel usage.
• Survey payment industry efforts (Apple, Visa, MC, Pulse, and Star) and selected peer competitors to identify area of opportunity.
• Determine impact of potential regulation on those efforts in enabling or impeding key competitors.
• Drive collaboration with internal domain experts, external FinTech partners, technology, enterprise partners and clients to test and learn.
• Work with product vendors to shape the product strategy roadmap. Partner with Product Management, Marketing, Sales, Pricing, Global Tech, and Ops and Channels (amongst others) to bring new products and services to market.
• Understand emerging technologies, manage multiple projects and priorities simultaneously, from concept ideation, through socialization, workstream planning, development, and execution.
• Build/deepen strategic partnerships with large scale partners in order to identify new collaboration opportunities using new technologies and evaluate new growth initiatives that align with our strategic plan.
• Build and maintain the strategic product initiatives as well as identify, evaluate, and plan integration efforts to deliver a complete industry solution for clients.
• Develop business case for investment and future development of existing and new products. Impact adjacent technology in advancing and enhancing Payments.
• Ensure integration with the Banks overall strategic direction. Coordinate and partner with product initiatives and transformation projects across GTS. Maintain extensive engagement of internal partners and external sources (consultants, SWIFT Visa, and MasterCard) to ensure robust supporting analysis.
• Bachelor’s Degree in related field (Business, IT, Math, Finance, FinTech) required. Advanced degree preferred.
• 7-10 years experience in product development/strategy or innovation within a banking or Global Transaction Services business and/or a technology/FinTech company.
• Domain expertise in Global Transaction Services business.
• Deep understanding of Commercial Payments business, including knowledge of trade and supply chain business.
• Experience in developing new innovative solutions and delivering using agile methodology focused on new product development.
• Ability to assess buy versus build or partner options in the development of products solutions sets.
• Ability to build relationships with Partners as well as strong influence management skills and excel at bringing multiple cross-functional teams together toward common goals.
• Outstanding verbal and written communication skills.
• Capability to look at a situation, deconstruct it, and devise a way to make it better.
• Strong strategic thinking, problem solving, analytical / critical thinking skills.
• Data-driven mindset with proven experience utilizing metrics & insights as tools for informed decision-making.