How to Become a Bank Product Manager in India?
A Bank product manager is a person who is responsible for analyzing existing offerings and helps develop new opportunities for the Bank. The Bank Product manager is an important part of the bank’s marketing team, who helps to develop a marketing plan to improve sales of bank products or services and generate high sales volume in the near future. The Bank product Manager is the person in charge of activities such as creating the concept design, research activities in the market, and determining the sales goals of the product or service.
With many reforms in banking and finance systems, there is a lot of career potential in the banking industry working as a Bank Product Manager and it also helps that it is a lucrative position to work in.
Do You Want to be a Bank Product Manager?
To build a career as a Bank Product Manager you need to first understand the Job profile and responsibility of the job
This blog gives you a detailed idea of what it is to become a Bank Product Manager in the Banking Industry of India.
What is a Bank Product Manager’s Job Description?
A bank product manager is required to work closely with other departments such as accounting, bookkeeping and management in order to brainstorm the idea of what products could lead to customer satisfaction as well as the profit of the organisation. They need to bring the product into the market in coordination with all the necessary areas. They also need to develop financial operating plans so that the project can profit from the product.
Other duties of the bank product manager include creating and updating management reports to track the progress of product lines, developing product descriptions and analysing the performance of existing bank products. The bank project manager is also required to develop and maintain key customer relations with internal business partners and vendor representatives with the help of effective communication and research on competitive pricing and practices to ensure that the product remains competitive. They are also responsible for checking that the product has the highest quality standard. Bank product managers also monitor industry trends that can affect the product.
Bank Product Manager Job Roles and Responsibilities
- Oversee the development and improvement of the Bank products
- Understand customer experiences
- Create product pricing
- Work closely with The Accounting and Engineering departments in a bank organisation to brainstorm ideas for the future product
- Coordinate with all the important areas in order to bring the product into the market
- Come up with plans in order to improve existing products
- Create and update management reports to track the progress of the product line
- develop product descriptions and analyze the performance of existing bank products
- The bank project managers also monitor industry trends related to the product
The Bank Branch Manager requires to have a Three year college degree with majoring in administration, marketing or finance preferred, such as a Bachelor of Commerce (B Com), Bachelor of accounting and Finance (BAF), Bachelor of Management Studies (BMS) etc.
If you want to have a good chance of working in a reputed organisation, A master’s degree is recommendable, such as a Master of Commerce (M. Com) or MBA in Banking and Finance, etc, However, it is important that the Bank Product Manager possess at least 2 to 5 years of experience in the banking industry in a marketing position or in a starting position.
1. Ability to be a team player:
The Bank Product Manager works with a lot of people to make a product successful and it is very important for a product manager to get along with other members of the team for efficient work. They need to maintain good relations with them so that they can be a great help in the future
2. Communication Skills are a must:
Because the bank product manager works with so many people it is very crucial that they have a skill for verbal as well as non verbal communication. They need to get their ideas and vision regarding the product and organisation across the table in the most effective way possible.
3. Computer skills:
Most of the work in today’s digital world is done by computers and it is no exception in the banking and finance industry. You need to know all the basic workings of a computer as well as the software that is used for the job.
4. Analytical Skills:
The Product manager of a bank should possess analytical skills are they may require to analyse the current market situations and trends and forecast future trends in order to guarantee the success of the product that is to be launched.
The Work Environment of a Bank Product Manager is a pleasant, clean, well-lit and well-ventilated office environment most of the time However it is to be expected for the Product manager to travel in order to be present in meetings, product research, promotional activities and the like.
The Timing of their job depends upon the bank they are working for, They typically from nine to five or during banking hours. Most Bank product managers work for about 40 hours a week.
Being employed by a banking facility means that the product managers have to be dressed in corporate attire at all times.
Key Result Areas to Deliver
- Assess local market conditions:
The Branch Manager has to analyse the local economy in order to identify current and prospective success opportunities for the product
- Locate areas of improvement:
They need to find out which products are lacking behind and help them improve by giving suggestions
- Understand Customer Sentiments:
One of the most important aspects of the job is to understand what customers want and provide it to them.
Key Performance Indicators of a Bank Account Manager
- Product Success:
The better the product manager is at their job, The higher the success of a product in the market.
- Customer Satisfaction:
One of the Performance Indicators is that the customers the product manager targets should be satisfied with the products that they get.
- Improvement in old products:
The product manager works towards improving old products for the new times so that the time and resources can be saved on the research of new products.
Working as a Bank Product manager is a very prestigious role with a lot of responsibilities. You need to be good at innovation, marketing, market analyses, etc. It is a lucrative job role as the banking and finance sector is growing in India. Showing results are very important in this occupation and you need to have to take a lot of initiative.