VP, Deposit Products

Overview

PenFed is hiring a VP, Deposit Products to work onsite at our Tysons, Virginia location. This role is responsible for leading and managing PenFed's deposit products, services, and growth strategies. This role oversees the development, implementation, and optimization of deposit-related offerings, including checking, savings, money market, and certificate of deposit accounts, ensuring they align with PenFed's strategic goals, member needs, and industry trends. The incumbent works closely with marketing, product development, technology, vendors and member services teams to design and promote competitive, member-focused solutions, while also ensuring regulatory compliance and risk management. Additionally, this role involves analyzing market data, monitoring competitor offerings, and assisting with implementing digital first strategies to enhance member acquisition and retention while reducing related operating expenses. The incumbent is expected to drive both growth and profitability in the deposit portfolio, using innovative approaches to increase deposit balances while fostering a high-performance, member-centric culture within the department. This position will place an emphasis on coordinating balance sheet planning, product pricing, marketing strategy, new product/feature development, performance assessment and financial analysis.

This role will also be responsible for analyzing technology and trends which could improve the digital acquisition and self-service experiences for PenFed's deposit members. This position will work collaboratively with Marketing, Finance, Risk Management, Legal, Information Technology, Operations and Services groups to deliver an industry leading experience that meets members' needs and drives profitability via risk mitigation and digital experience improvements.

Responsibilities

Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned.

• Manage the P&L ensuring business strategies and goals are achieved with a focus on growing membership, product adoption, balances and profitability.
• Coordinating balance sheet planning, product pricing, marketing strategy, new product/feature development, performance assessment and financial analysis.
• Evaluate the consumer deposit portfolio, analyze developing trends, and recommend changes and improvements based on cost, growth and key KPI metrics.
• Actively follow industry trends and competitive market practices, develop competitive strategies, and make recommendations and adjustments to pricing, products, positioning and promotion.
• Lead deposits improvement initiatives focused on delivering strategic, operational, technical, and/or product development changes such as new product launches, business process improvements, technology integrations and deployments associated with existing and new services and solutions.
• Manage the deposits product roadmaps and develop a structured and consistent approach to business case development with a focus on ROI and member experience.
• Evaluate third party service/solution providers to provide the best technology, pricing and experiences for PenFed members.
• Responsible for working with internal stakeholders to rationalize market competitive limits for ACH, wires, Zelle, Vanilla Direct, checks, bill pay, faster payments, debit cards and any other services / solutions that interact with deposit accounts.
• Help create functional, simple, and elegant digital experiences for deposits product acquisitions and end to end digital first member servicing engagement.
• Provide product performance reporting, including industry benchmark data, to executive management; be an expert with respect to the competitive landscape.
• Integrate a continual digital self-service improvement roadmap with internal / external stakeholders.
• Ensures the Deposit team delivers support to all acquisition and engagement distribution channels (e.g., branches, service centers, PenFed.org, PenFed online, PenFed mobile) with the focus on improving and streamlining processes and experiences.
• Leverage data and technology to analyze results, manage performance, and constantly improve the member experience.
• Take lead in creating requirements/user stories and orchestrating work efforts / sprints across internal and partner teams.
• Recruit and mentor a product management organization and provide coaching and development opportunities for team members to advance their career.
• Helps safeguard PenFed's computer and IT systems by monitoring staff adherence of all security policies and related training for individuals managed by this role. Take appropriate action working with IT Security and HR when necessary to address any security breaches.

*This role is responsible for ensuring business continuity.*

Qualifications

Equivalent combination of education and experience is considered.

• Minimum bachelor's degree in business or marketing or a related function.
• Master's Degree a plus.
• Minimum 12 years of experience in product management, digital experience, technical product management, or program development within credit union, banking, or fintech industries.
• Minimum 5 years of people leadership experience building, managing, and developing high-performing teams.
• Minimum 5 years of experience in a director level role.
• Experience building and managing products in an agile team structure.
• Demonstrated ability to influence cross functional teams.
• Excellent communicator who can explain complex concepts clearly across all organizational levels.
• Experience with Agile and Scrum best practices.
• Ability to deliver initiatives from concept through completion on time, within budget, and within or beyond scope.
• Experience designing simple, intuitive user interfaces and creating wireframes or mockups.
• Proficiency with Microsoft products.
• Ability to work in a continuous software development environment with short release cycles.
• Experience using AI tools preferred.

Supervisory Responsibility

This position will supervise employees.

Licenses and Certifications

There are no additional certifications required.

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*

Travel

Ability to travel and be on call is required.

Pay Transparency
The anticipated starting salary range for this role is $152,200.00 - $281,480.00
This position is eligible for an organizational performance based annual bonus, subject to board discretion and approval.
This position is eligible for an individual performance based annual bonus.