Senior Manager, Retention Strategy - Scotiabank, Toronto

AI Summary

This Senior Manager role at Scotiabank in Toronto, Ontario, focuses on optimizing mortgage portfolio retention and profitability. The position involves identifying retention opportunities, generating actionable insights from renewal behaviour, and developing clear strategies to improve margin and customer outcomes. Top requirements include over five years of relevant experience, a background in financial services or banking, and strong analytical and communication skills.

About the Role: Driving Mortgage Retention Strategy

As a Senior Manager, Retention Strategy & Performance at Scotiabank, you will play a pivotal role in shaping the future of the bank's Real Estate Secured Lending (RESL) portfolio. This position is accountable for the end-to-end performance of mortgage portfolio retention, viewed through a comprehensive portfolio and profitability lens. Your expertise will be crucial in identifying, quantifying, and prioritizing retention opportunities within the existing mortgage portfolio, with a clear mandate to improve margin while fostering sustainable customer retention outcomes. This strategic focus ensures that Scotiabank maintains a competitive edge and strengthens its customer relationships in the dynamic Canadian banking landscape. You will be instrumental in leading portfolio-level analysis, generating actionable insights on renewal behaviour, spread dynamics, and customer conversion opportunities, translating these complex findings into clear, executable retention strategies. Working closely with the RESL Product & Channel Strategy team, you will ensure that these portfolio-driven strategies are effectively executed across all distribution channels, contributing significantly to the bank's overall performance.

Key Responsibilities and Strategic Impact

In this senior leadership capacity, you will own and manage mortgage retention performance, consistently seeking opportunities to enhance margin and long-term portfolio profitability while upholding strong customer retention outcomes. Your responsibilities will include in-depth analysis of renewal and retention behaviour across the mortgage portfolio, examining aspects such as term migration, spread changes at renewal, and product conversion opportunities, and meticulously quantifying their impact on portfolio performance. You will be tasked with developing and articulating clear retention insights and strategic opportunities, synthesizing complex portfolio data into actionable recommendations that directly inform retention priorities, strategy design, and senior management decision-making. This involves conceptualizing innovative portfolio-driven retention strategies and campaigns based on observed customer behaviour, pricing economics, and spread dynamics, then partnering closely with Channel Retention Strategy and Execution teams to translate these insights into tangible initiatives. Furthermore, you will provide ongoing performance oversight of retention outcomes, monitoring key indicators like renewal volumes, retention rates, and spread movement, proactively identifying emerging trends, opportunities, and risks. This role also involves developing and maintaining forecasts for mortgage retention and renewal volumes, serving as a strategic partner to various teams including RESL Pricing, Portfolio Management, Finance, and Analytics, ensuring alignment between retention strategies, pricing economics, portfolio objectives, and profitability goals. You will prepare clear, executive-ready materials that communicate retention performance, insights, and strategic priorities to senior leadership, supporting informed discussions on portfolio trade-offs and future direction within an inclusive culture.

Skills and Experience for Success

To excel in this Senior Manager role, candidates are typically expected to hold a post-secondary degree in Business, Finance, Economics, Analytics, or a related discipline. A minimum of five years of relevant work experience is required, with three to five years specifically supporting a portfolio or business line within financial services, banking, or a similar environment. A strong background or experience in mortgage or lending products is highly preferred, demonstrating a foundational understanding of the industry's nuances. Critical skills for this position include exceptional communication abilities, particularly the capacity to synthesize complex concepts into concise, executive-level messaging that resonates with senior stakeholders. Furthermore, a demonstrated ability to analyze large data sets, derive meaningful insights, and quantify business impact is essential, with experience independently pulling data considered a strong asset. Scotiabank is committed to fostering an inclusive and high-performing culture, offering opportunities for upskilling, cross-functional development, and a competitive reward program.