Question about product management
 

Hi all,

Can anybody enlighten me on what product managers in banks and financial services companies do?

Are they considered to be BO/MO/FO? What are their prospects? Do they have transferable skills to a similar sounding role but of a different industry (Product management roles in Tech industry)? What would be the earnings trajectory of product managers?

Thanks in advance.

It's just a nicer term of saying salesman. What do you think.

This has got to be one of the stupidest thing I’ve seen in this forum. And there are some really stupid things here.

Most PMs in banks manage financial products, car loan, mortgages, any financial product you can think you, they are the product manager. They work on managing the product, improving its processes e.g. last time paper intensive, then change it to paperless.

Can be considered BO/MO.

You gain skills like managing stakeholders (internally), keen eye for operations as well as identifying pain points, how to ensure start to finish smooth flow of the processes.

It is similar to those in tech industry, as those PM in tech would be managing their version of a product, like an app, Google Pay, can be hardware or software. The one key difference is in the knowledge of programming, or tech related knowledge. The PMs in banks do not really know much about tech, they just have requirements and ask the vendor or tech dept to add/change. They won't know whether it is possible to implement, too costly (out of budget) etc. PMs in tech should have at least some knowledge about this area, but still not a SME.

Hope this helps