FedNow Director Product Strategy at Federal Reserve Bank (FRB) in Boston, Massachusetts

Job Description:

Company

Federal Reserve Bank of Boston

FedNow Director Product Strategy Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, FedNowSM, Fedwire®, National Settlement Service (NSS), FedCash®, FedACH® (Automated Clearing House), and Check Services. We are currently leading a strategic effort to transform FRFS to a national, enterprise-focused organization. Through our evolved structure, we will meet the needs of the marketplace for new products and services more quickly, seek to provide a more robust and unified customer experience across our financial service offerings, and create new career growth opportunities for FRFS staff. We are seeking leaders to set the vision, strategy, values, and priorities that enable FRFS to achieve its mission. Our leaders must demonstrate a strategic, action-oriented mindset focused on intellectual curiosity, agility, accountability, and the ability to drive innovation through experimentation. To achieve our vision for a people-focused organization with a strong collaborative and innovative culture, we expect our leaders to champion an inclusive environment and demonstrate our values in how we work and interact with each other and our broader community. The Federal Reserve has developed a new interbank 24x7x365 real-time gross settlement (RTGS) platform with integrated clearing functionality, called the FedNow Service. This service enables financial institutions to provide their customers with the ability to send and receive payments any time, any day, and have full access to those funds within seconds. This position is a unique opportunity to be part of this mission-critical Federal Reserve initiative that is transforming the payments landscape in the United States. Candidates that live near one of our Reserve Bank locations will be provided some work from home flexibility. Rules for hybrid work arrangements differs from Bank to Bank and should be discussed during the interview process.

Position Contributions –

The Product Strategy Director will have the opportunity to spur innovation and shape the future of payments in the US by helping to formulate of a vision and strategy for future value-add products and defining the customer and ecosystem value proposition.

The Product Strategy Director will be a subject matter expert on features and functionality of the FedNow service and will be responsible for overseeing the analysis and strategy of a subset of current and future roadmap features. The Product Strategy Director will need to understand the instant payments ecosystem, key players, competitive landscape, and product strategy to make new feature recommendations for the FedNow Service.

This role will work closely with partners such as product delivery, credit risk, legal, risk, Board of Governors, marketing, program management, operations and technology to bring to market new capabilities and solution enhancements that are aligned with Federal Reserve objectives, industry needs, and business goals.

The Product Strategy Director is a people leader with skills and a passion for delivering high-quality products. You will manage and lead a team by continuously iterating on ideas and defining our value proposition.

What you’ll be doing:

· Product Strategy and Discovery: Assist in development of a multi-year FedNow product roadmap to ensure our services truly meet customer needs, stay ahead of emerging trends, and deliver business value. Lead and

oversee product discovery analysis by identifying a business case, assessing the risks, and delivering a recommendation. Identify the business impact of solutions to inform decision making and prioritization.

· Industry Research and Analysis: Lead and oversee market and user research and leverage analytics to gather quantitative and qualitative data to make informed product roadmap and requirements recommendations and decisions.

· Partner engagement: Lead and oversee close collaboration with cross functional teams to help shape the product roadmap and execute on product strategy. Evangelize the product strategy. Collaborate with stakeholders, ensuring their voices are heard and feedback incorporated during roadmap development and that they are aware of upcoming products, features and services.

· Team culture and collaboration: Be an active contributor to the team’s collaborative and inclusive culture. Ensure clear and transparent communication with team members and partners.

· Leadership: Oversee a team of product strategists, inspire, influence, provide guidance and development opportunities. Develop and deliver presentations to leadership team.

What will be expected of you –

· Strategic thinking: Establish the vision, overseeing analysis of customer trends, understanding industry needs, and identifying opportunities to enhance the FedNow Service. Take ownership and drive initiatives from concept through implementation.

· Collaboration & adaptability: Be a strong and collaborative team player with the ability to effectively partner with cross functional stakeholders across the organization. Be flexible and quick to adapt to new information, market shifts, and evolving business priorities. Explore innovative ways to have the team deliver efficiently.

· Focus on the customer: Be a strong advocate for financial institutions and service providers by understanding their challenges and needs through industry engagement.

· People Leader: Inspire, enable and empower your team to bring innovative ideas and solutions forward. Prioritize, negotiate, and champion strategic initiatives and recommendations.

· Execution and delivery: Oversee the execution of strategic priorities ensuring timely delivery of product discovery analysis and product proposals. Lead product discovery of potential new capabilities by defining the customer problem, conduct market analysis, assess opportunities and risks, and present a recommendation.

· Communication: Exceptional communication skills and at ease presenting to leadership teams.

Expertise you would bring –

· 7+ years of hands-on product management, analytics, strategy experience

· 3+ years of experience managing people

· 3+ years leading cross-functional product teams

· Proven experience in and passion for ideating, building and implementing financial related products

· Knowledge of the instant payment landscape and related payments policy; financial industry operational and payment system requirements and market practices

· Ability to adjust to evolving business priorities

· Proactive and intentional learner willing to quickly understand new systems and methods

· Ability to think strategically, problem-solve, and clearly communicate complex ideas to stakeholders

· Proven ability to lead a team and deliver results across cross-functional stakeholders

· Courage and ability to think differently, and appropriately push for meaningful and impactful change; storyteller that can get others to buy-in to new ideas while clearly communicating the “why”

· Strong analytical and problem-solving skills; ability to use data and metrics to back up assumptions and evaluate outcomes; ability to quickly gather, analyze and synthesize complex information

· Superior written and verbal communication skills, with ability to express ideas in a clear, concise and

compelling manner and tailor communications for different audiences

· Bachelor's degree in finance, business administration, public policy, economics, marketing or related field or a combination of commensurate education and experience; MBA/MA preferred

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.

For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.

The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Supervisory/Management

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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