Location: Atlanta, GA
Work arrangement: Hybrid
Work type: Full-time
Compensation: DOE
The VP serves as the internal expert on best practices for deposit gathering strategies and market trends. This individual has senior responsibility for sustaining the growth, quality and mix of balances through the strategic pricing of demand and term account types as well as the ongoing enhancement of all federally insured deposit products and select Visa debit and credit card offerings to ensure their consumer appeal and market competitiveness. Product management spans an array of services, including savings, checking, certificates of deposit, IRAs and a Reward Points program, and requires the individual to serve as a project sponsor to champion and steward initiatives through the credit union's Agile Value Stream project delivery framework.
The VP oversees the preparation of the annual deposit budget, quarterly forecast updates and multiyear projections over a rolling five year time horizon. Deposit modeling involves granular, daily account type detail; monthly rate estimates based on market and Federal Funds Rate data; and a comprehensive roll up. The individual partners regularly with Treasury on near and long term liquidity planning and presents monthly deposit activity updates and pricing recommendations to the Asset Liability Committee. The VP manages a small team of product management and analytic professionals who glean and share insights from product adoption and usage to guide priorities and investments. Among other qualitative and quantitative measures, performance in the role is evaluated on contributions to corporate KPIs (Member Growth, Loan Growth, Services per Household, Member Satisfaction and Net Income); staff engagement and productivity; and the ability to build consensus and navigate in a matrixed environment.
Essential Functions
Conduct regular research to i) benchmark pricing and product features against primary competitors' rates; ii) identify members' product preferences along with their satisfaction with current offerings; and/or iii) stay on top of emerging trends and technologies that affect competitive position or member satisfaction. Share findings and develop response strategies.
Create and continuously update long term roadmaps for key deposit and transactional products. These roadmaps document opportunities to either broaden the product set or enhance the functionality of existing offerings. Opportunities are prioritized based on a combination of how quickly or economically they can be brought to market and how widely they appeal to the membership base. The roadmaps include general timelines on when new products or enhancements should be introduced.
Propose and serve as the business sponsor of projects to introduce new products or enhance existing ones within the Agile Value Stream project delivery framework. Participate as an active member of the Advanced Analytics Program to champion and coordinate the development and deployment of AI driven applications and models to enhance member service.
Oversee preparation of five year deposit forecasts on an annual basis along with quarterly updates. Collaborate with Treasury and Lending to discuss liquidity position and then assist with deposit or loan initiatives as needed to capitalize on revenue opportunities. As part of this effort, manage deposit pricing to achieve cost of funds below borrowings or other funding sources.
Conduct ongoing, in depth analysis of penetration and member satisfaction rates with key transactional products, including checking and Visa debit and credit cards, to disseminate actionable findings. Collaborate with Marketing to create and execute campaigns annually to drive higher penetration rates across key transactional products by acquiring new members and/or cross selling existing ones.
Partner with Information Management & Analytics and Finance on the ongoing development of a product profitability model that allows better tracking and understanding of the primary revenue and expense drivers of transactional and savings products. Analyze profitability reporting to ensure operational costs are covered; investments are made in the most in demand services; and optimal value is delivered to members.
Coordinate an annual fee study to understand the volume of fees levied on transactional and savings products as well as how pricing compares with market averages. Partner with Marketing, Deposit Services, Payment Services, Consumer Lending, Compliance and other stakeholders to propose adjustments to cover rising operational costs; offset declining volumes in certain fee categories; and/or pay for the introduction of new features or functionality that members want.
Foster a collaborative, flexible work environment where different opinions are welcomed, calculated risk taking encouraged and personal accountability expected. Foster and promote a safety conscious and hostile free work environment resulting in employee safety and well being.
Qualifications
Must be legally authorized to work in the United States without the need for employer sponsorship, now or at any time in the future.
Required Minimum Qualifications
Bachelor's degree in Business, Finance, Statistics or related field.
7+ years of deposit portfolio and product management experience.
7+ years of experience coaching and leadership/management.
Experience with complex financial analysis, forecasting and modeling.
Experience overseeing budgeting for a line of business.
Experience developing multi phased, long term project plans.
Experience with market research.
Highly effective presentation skills, including strong oral and written communications.
Excellent relationship management skills and ability to work across divisional lines and generate results in a matrixed environment.
Ability to multitask, prioritize and allocate resources effectively.
Proficiency with Microsoft Office applications, including Word, Excel and PowerPoint.
Successful candidate will possess the following competencies: Creativity and Innovation, Strategic Planning, Decision Making, Interactive Communications, Relationship Building and Results Management.
Complies with all policies, including those related to Bank Secrecy Act regulations.
Preferred Qualifications
Master's degree in Business or related field.
Membership in relevant professional associations.
Management of deposit strategies for a financial institution with >$1 billion in assets.
Orchestration of or involvement in the design, launch and marketing of retail financial services to targeted generational segments.
Professional certifications in financial analysis and/or project management.
Familiarity with advanced data processing practices and Python coding.
Familiarity with Truth in Savings, Reg. D, Reg. E and other consumer banking regulations.
Compensation: DOE