Global Custody: Cash, Payments, and Liquidity - Head of Product Development, MD

The Product organization is recruiting for an experienced individual to be cash payments and liquidity Product Development lead. The individual will partner with the Product team, Head of Product development, Global Delivery (operations) and Technology to execute on the overall cash product development initiatives and agenda focused on driving the change and execution agenda to build the core Banking and Payments Capability and services, including the platform infrastructure, product features and enabling migration across State Street legal entities from legacy. This is in alignment with Custody product strategic objective to strengthen State Street’s position in the industry.

State Street’s product organization is leading an exciting period of transformation for the business and requires experienced individuals to take the business forward. The role will initiate, design and develop the strategic platforms and support the strategy to decommission legacy platforms including the migration to strategic platform to support client growth, enhance client experience, cash products and operating model. This role includes driving and overseeing execution of approved product change/development initiatives, building out of the strategic platform, driving change internally and seamless migration of clients. This requires ability to think strategically about the product capabilities required, take decision; partner with liquidity product partners and have a strong understanding of banking and payments to drive the solution design.

Oversee the collection of input from subject matter experts, operations teams, product managers, client service teams and/or our clients for the purpose of developing complete service and development of efficient operating models.

Function: The person would have the depth and expertise to drive change within Cash, Payments and Liquidity arena. This individual will be key in supporting the overall head of product development. The person would focus delivering on the strategy, and work closely with business and IT to develop the platform and product capabilities.

Responsibilities:

• Execute on the strategy and development agenda to build the strategic banking and payment platforms.
• Consolidate payment initiation platforms.
• Build out cash and liquidity products to support the business.
• Evaluate digital cash capabilities.
• Deliver a clear product roadmap in collaboration with Product Development head, includes prioritization and budget planning annually, with IT and Operations.
• Lead solution to support tranche migrations across all global locations (17 branches) as part of the business and client migration strategy.
• Lead the development and analysis of product-related change, including commercially-viable and client focused business cases, with prioritization and approval of product, operational and regulatory change.
• Manage and support the team to drive the change agenda and ensure change remains aligned to existing regulation and/or internal policies.
• Lead the capability model - design and efficiency of the operating model, standards and technical stack/architecture, with an objective to simplify where possible working with the Product Management, Technology and Global Delivery.

Skills:

• Ability to apply knowledge of system behavior and business processes as well as industry knowledge and best practices to design the product and platforms.
• Ability to clearly articulate impact of any changes to various stakeholders, including preparing presentations; ability to train and develop these skills in more junior team members or direct reports.
• Ability to oversee, review and edit documentation to ensure completeness and clarity prior to submitting for use in developing solutions as required.
• Have a good understanding of Agile with respect to role as product owners, guidance on stories and epics, establish a backlog and groom that backlog to guide the team as required.
• Work well within a virtual team that includes members from across State Street's global operations, product and IT development teams, contractors, software vendors and other industry participants to design, develop, test and implement solutions that support current and future business requirements.
• Strong analytical and presentation skills.
• Prior experience of successfully delivering change in a complex environment whilst managing competing environments, and delivering projects using Agile and Waterfall techniques.
• Proven change agent with track record of delivery.
• Track record of engagement with complex clients, solutioning operating models and developing feature function capability for State Street platform.
• Strong stakeholder management skills with an ability to navigate organization.

Experience:

• Product and operational background or experience with payments and deposit banking services is desirable and delivering change programmes.
• Experience with implementing or operating global payment and banking networks and understanding messaging standards and mechanisms in cash payments.
• Agile experience as a Product Owner or Principal Product Owner is desired.
• 10+ years’ experience in Securities Services.
• Worked in Product organizations in prior roles.
• Operated at a global level.
• Prior experience working in Operations and/or technology.

Outcomes expected from the roles:

• In-depth understanding of payments and deposit banking products; seamless client migrations and decommissioning of legacy branches.
• Proactive input and idea generation for product development roadmap and annual budgets.
• Maintain up to date understanding of local regulatory impacts.
• Responsible for issue and risk escalation.
• Project/initiative ownership, with appropriate reporting (with PMO) of prioritised and approved change.
• Appropriate governance and key decision making on outcomes.

Split of role:

• Product Design & Development: 50%
• Business Analysis: 20%
• Market / Client interaction/ management: 30%

About State Street:

State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow:

We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility:

We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you. State Street is an equal opportunity and affirmative action employer. Discover more at StateStreet.com/careers.