Product and Pricing Manager

NS&I is one of the largest savings organisations in the UK with more than 24 million customers and over 240 billion invested. We are both a government department and an Executive Agency of the Chancellor of the Exchequer. Our origins can be traced back more than 150 years to 1861.

A small company with a big reach, we offer a range of benefits including flexible working, a 9-day fortnight scheme, a performance-related variable pay bonus, a generous pension scheme and great opportunities for development. We care for colleagues, respect one another, invest in our people and manage talent effectively.

We are currently working in a hybrid way with colleagues expected to work at their chosen office location for 40% of their working month.

Purpose of Role

13-month fixed-term contract to support Product Team resourcing through business transformation. Responsibilities, as designated by the Senior Product Manager. Ownership of individual products from the NS&I retail product portfolio strategically and tactically, making reasoned recommendations in terms of pricing, product features, customer proposition and enhancements to help NS&I maintain a balanced portfolio that meets the targets agreed with HM Treasury (HMT) and evolving consumer needs.

Key Responsibilities

Pricing

• Ownership and management of the allocated product portfolio to achieve the agreed annual Net Financing (NF) target.
• Analyse data and insights to put forward pricing recommendations to the appropriate audience (to include Senior Product Manager, Head of Product, Retail and Pricing Committee), ensuring that pricing recommendations balance our pricing principles and achieve targets.
• Prepare NS&I Pricing Submissions (with appropriate support) to be escalated to HMT and the Economic Secretary of the Treasury (EST) for approval.
• Analysing sales/retention/market figures and trends to maintain a deep understanding of external markets regarding pricing of equivalent products and full appreciation of sensitivities regarding how NS&I sales, retention and levels are impacted by price.

Product Management

• Reviewing and understanding the wider competitor/economic market and NS&Is position.
• Ownership / development and management of allocated product portfolio to ensure sustainable NF for the future, including input into the product strategy review and planning process.
• Understanding of the complete product lifecycle and making recommendations for enhancements where necessary to meet with customer, business and legislative requirements using research and consumer insights.
• Recommendations of enhancements ensuring alignment with NS&I strategy and Service Delivery Measure (SDM) targets to meet customer needs.
• Product Owner/Business Manager of key projects (i.e. product enhancements and new product development): Own business decisions and outcomes for assigned projects and initiatives; influencing decisions on project delivery by representing projects and the team at relevant committees and decision-making forums; leading on and liaising with key stakeholders; being responsible for making key business decisions, business case sign off and other key project gateways; being accountable for approval gateways (product enhancement process).
• Managing the flow of requirements from the product backlog into planning
• Working with key stakeholders/team members to break down areas into workable elements and put together in ways that support development and business users.
• Helping specify story acceptance criteria, including customer testing and witness testing.

Customer

• Developing product specific pricing strategies, ensuring that all regulatory, Treating Customers Fairly (TCF), Consumer Duty and policy considerations have been covered in the decision-making process.
• Develop a deep understanding of consumer needs / values and how these impact product design and range.
• Supporting the Senior Product Manager in product and channel sales plans and forecasts.

Promotion

• Ensuring product marketing activity benefits NF and customer needs.
• Supporting retention, planning and forecasting to retain customers by monitoring weekly retention figures and making recommendations on campaign initiatives and forecasting monthly/annual retention figures.

Channel

• Working with key stakeholders to model/forecast initiatives to ensure appropriate resourcing and risk identified.
• Driving digital solutions in product design.

Process/Customer Experience

• Commissioning research, working with the Experience team to recommend product enhancements and changes to products.
• Leading on user testing to assist with managing customer reaction to product changes and developments.
• Understanding the customer needs, competitive market and emerging trends.

Please see attached role profile for full details.

Essential experience

• Product management experience, including analytical pricing skills in a regulated environment, preferably within financial services.

• A track record of delivery in large and complex environments, including the ability to deliver key projects in accordance with direction from their line manager.

Essential skills

• Advanced knowledge of Excel and PowerPoint
• Number orientated, with robust analytical capability, with a problem-solving mind set
• Ability to articulate analysis and ideas through clear and coherent verbal/written presentations
• Experience of digital proposition development and technological enablement
• Passionate about the customer, anticipating and identifying customer needs and responding appropriately to improve the product experience within a changing environment
• Excellent communication skills and ability to manage relationships effectively across the business and externally where relevant