Custody Product Development Manager / Lead - Core Banking, Managing Director

The Product organization is recruiting for an experienced individual to be Value Stream Product Development lead for Banking and cash management (core banking)

The individual will partner with the Product team, Head of Product development, Global Delivery (operations) and Technology to execute on the overall product development initiatives and agenda focused on driving the change and execution agenda to build the value stream 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, 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

The lead will have responsibility for the following:

• Execute on the strategy and development agenda to : Build the strategic banking platforms and overall cash management capability
• Build out value stream products to support the business
• Evaluate digital asset 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 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 respective 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 Streets 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
• Subject matter knowledge
• 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 deposit banking services and cash management is desirable and delivering change programmes
• Experience with implementing or operating business such as a global payment and banking networks and understanding messaging standards and mechanisms in cash payments .
• Agile experience as a Product Owner or Principle 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 e,g, cash management , 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

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.

We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

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