Company

Federal Reserve Bank of ChicagoThe FRFS enterprise has an exciting opportunity to serve as Senior Vice President and Head of Product and Revenue Management in the FRFS Product and Relationship Management (PRiMe) Group. In this role, the selected individual will report directly to the FRFS Chief of Product and Relationship Management and will be an integral part of the team leading FRFS into the future. In partnership with the FRFS Customer and Industry Engagement leadership team, the Marketing and Strategic Industry Engagement leadership team and the Customer Experience leadership team, this officer will have ongoing responsibility for the development and execution of a unified product strategy for FedLine® Solutions, FedACH®, Check Services, Fedwire® Funds, Securities, and the National Settlement Service. In addition to leading the Product Strategy function, this officer will also provide strategic leadership for pricing, revenue management and customer billing.

We seek an executive leader to set vision and strategy, live our values, model our culture and drive accountability. To achieve our vision of being a high-performing organization with a culture that attracts and retains top talent, we expect our leaders to be curious and agile, champion a work environment that is inclusive and open to new ideas, biased toward action, and mindful of customer experience in all that we do.

Federal Reserve Financial Services (FRFS) delivers a suite of payments services to financial institutions via FedLine® Solutions, Fedwire® Funds and Securities, the National Settlement Service (NSS), FedCash® , FedACH®, Check Services, and the FedNow® Service. FRFS operates as a fully integrated organization with groups dedicated to operations, technology, product and customer/industry management, enterprise services, payments system improvement, and growing and developing the FedNow instant payment service. Our strategy defines our future direction, seeking to offer a fully integrated product suite that provides speed, resilience, and choice across the United States. Through our enterprise structure, we strive to meet the needs of the marketplace for new products and services with speed and agility, seek to provide a robust and unified customer experience, and work to create career growth opportunities for FRFS staff.

The FRFS enterprise operates with a customer-first mindset, with team members seeking to do the best work of their careers in pursuit of our important mission.

Your role as Head of Product and Revenue Management

• Contribute to the vision, strategy, values, and priorities that help the FRFS enterprise achieve its mission, as a member of the FRFS Product and Relationship Management senior leadership team.
• Work collaboratively with leaders across the FRFS to proactively advocate for customer-centric solutions and ensure delivery of services in accordance with the overall customer experience strategy.
• Ensure that FRFS prices its products and services in a way that allows FRFS to meet its cost recovery obligations while also advancing broader business strategy.
• In collaboration with partners in System Information Technology, ensure that the FRFS suite of product and service offerings meets customer needs and expectations for functionality, stability, security, resiliency and cost effectiveness.
• Create a strong common culture that puts the customer first, with a cohesive awareness and understanding of how our customers use our services.
• Develop close relationships with key stakeholders and external partners to align services with customer needs. Engage actively in internal and external engagements.

• Maintain and execute a comprehensive payment product management strategy for FRFS with a focus on product and services that meet customer needs and attract and retain customers.
• Champion creativity, innovation, and idea generation to drive new product development, as well as enhance the value of existing product offerings, to increase revenue, address market and competitive issues, and resolve customer service challenges.
• Work collaboratively with the FRFS Customer and Industry Engagement leadership team to understand the industry and customer needs and prioritize product development and pricing strategies to meet those needs.
• Through participation in System committees, industry conferences, and other internal and external engagements, influence efforts which lead to improved payments system quality, efficiency, and risk mitigation.
• Develop close relationships with key stakeholders and external partners, including the Board of Governors and the U.S. Department of Treasury, to ensure contemporary thinking to align services with customer needs.

What we are looking for

• Experience with product-centric operating model
• Experience and strong interest in payment systems
• Consistent drive to maintain a deep knowledge of the broader payments landscape to better influence the direction of FRFS and the improvement of the U.S. payment system.
• Track record of successful leadership to drive results and proactively manage change and uncertainty in a distributed virtual team, with the ability to develop strategies and initiatives that effectively deliver key business and organizational outcomes
• Demonstrated track record of strong execution and accountability for the results

• Proficiency in rethinking business models or established practices
• Excellent change management skills, including advocating, anticipating, and orchestrating change and uncertainty. Create a team culture that enables staff to achieve results in a changing environment
• Commitment to building a customer-centric culture through an enterprise approach to thinking, acting, and leading.
• Strong business acumen with ability to be a hands-on, visible, goal-oriented, and independent- minded leader who will constructively challenge the FRFS leadership team and bring leading-edge thinking to effectively guide change within the FRFS
• Strong collaboration and listening skills and an interest in building trust at all levels of the organization, with an ability to partner effectively with others in the pursuit of common goals
• Strong champion of building a diverse and inclusive work environment
• Ability to lead with a System-centered, strategic, action-oriented mindset focused on performance and accountability
• Outstanding people manager and role model and demonstrated interest in serving as an active talent champion, coach, and mentor

• Progressive yet humble leader possessing innovative views of product strategy and open to learning and considering different perspectives
• Demonstrated track record of assessing risk and establishing a risk tolerance, balancing business needs and priorities against the risk of material loss
• Intellectually curious and agile, with demonstrated ability to experiment and lead innovation

Qualifications

• Bachelor’s degree in business administration, economics, or similar field of study, or equivalent work experience; MBA or similar post-graduate degree preferred
• Typically has 10+ years of progressive business executive leadership experience
• Current or prior experience in payments, e.g., financial services, treasury, credit risk, supervision, etc., preferred, but not required.

Location

• The selected candidate will reside within a reasonable commuting distance of the employing Reserve Bank and will work full-time onsite to satisfy or exceed the minimum number of onsite days required by the employing District. Reasonable commuting distance is defined as living within 50 miles a Reserve Bank location.
• The following Reserve Bank locations are preferred due to the concentration of FRFS team members in these locations: Atlanta, Boston, Chicago, Kansas City, New York, and San Francisco.

Travel

• Necessary travel of 50-75%.

Additional Requirements

• Applicants must be currently authorized to work in the United States without the need for visa sponsorship now or in the future.
• This position has additional screening requirements due to the information accessed while performing the job. These additional screenings would be initiated at the time of offer acceptance and can take approximately two months to be completed. The screening covers areas such as education/employment verification, criminal history, credit history, and reaches out to your references and people that know you well.
• As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the recruiter for this posting, who can provide you contact information for our ethics official if necessary.

The expected starting salary range for this position in Chicago is between $337,200 and $398,900 annually in addition to potential annual performance-based discretionary bonuses. Final salary and offer will be determined based on the employing Bank and the applicant’s relevant experience, skills, internal equity, and alignment with geographic and other market data.

Always verify and apply to jobs on Federal Reserve System Careers or through verified Federal Reserve Bank social media channels.

We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Work Shift

First (United States of America)

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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