Director of Deposits - REMOTE

Who is Quorum  

Quorum Federal Credit Union is a modern financial services organization that blends over 90 years of trusted experience with innovative, technology-driven solutions. As a nationally recognized employer of choice (we’re Great Place to Work Certified™ and a Fortune Best Workplace in the Country!), we attract and develop top talent, empowering our team to drive the organization forward. We’re a human-centered company, committed to creating a positive and enriching work journey while supporting the personal and professional growth of our employees. We appreciate what employees do every single day and stand by our Employee Value Proposition of “Opportunity, Flexibility, Fun. A Career That’s Good. For You.”

Job Description Summary  

The Director of Deposits is responsible for executing the deposit strategy for both retail and business segments, ensuring alignment with the organization’s overall goals. This role reports to the CFO and collaborates closely with internal stakeholders and vendors to oversee the function from end-to-end including the aligning priorities, defining and optimizing the product roadmap, and overseeing day-to-day activities to enhance overall funding cost-effectiveness.

Key Job Responsibilities and Accountabilities

1. Defines, communicates, and executes the overall deposit objectives and goals, focusing on achieving necessary growth while lowering the cost of funds by optimizing rates, product mix, and B2B partnerships. Demonstrates strong ability to digest complex funding strategies and translate them into actionable plans.
2. Collaborates with senior leadership to assist in developing and refining deposit product strategies, ensuring alignment with overall business objectives and market trends.
3. Partners with key stakeholders including deposit operations, marketing, treasury, and business development to develop and execute innovative and digital product roadmaps that drive revenue, improve member engagement, optimize operations, and enhance business value, particularly focusing on cost-effective funding strategies.
4. Works hand-in-hand with the business development team to identify and capitalize on growth opportunities, ensuring deposit product strategies align with and support overall business growth initiatives.
5. Utilizes advanced data analytics and performance metrics to measure member experience and success in acquisition, cross-sell, and retention. Reviews metrics and key performance indicators to prioritize opportunities and areas lacking performance. Leverages data insights to recommend targets and strategies that meet or exceed performance goals, with a focus on cost-effective deposit acquisition. 
6. Manages the deposit product set through its full lifecycle, from conception to sunset. Ensures maintenance of key deposit information including product specification, disclosures, job aids, and related fees schedules.
7. Successfully aligns online and mobile user experience across all deposit product offerings by increasing digital application usage and engagement.
8. Conducts research and analysis to develop and present recommendations on deposit products, pricing, promotions, and partnerships. Develops innovative, technology-driven deposit products that reduce reliance on interest rates while aligning market trends with insights from existing members and target market to support strategic objectives.
9. Leads cross-functional internal teams, including Operations, Compliance, Legal, Risk, Marketing and Digital departments to deliver new deposit programs, channels and products.
10. Works directly with digital transformation and marketing to enhance online and mobile customer experience and engagement including increasing online application start and completion rates, driving member cross sell and member acquisition. Balances member experience with operational efficiency and organizational risk.
11. Ensures all deposit products and strategies comply with relevant regulatory requirements, working closely with the Compliance and Legal teams to navigate the complex regulatory landscape of financial services.
12. Collaborates with the Risk Management team to identify, assess, and mitigate risks associated with new and existing deposit products, ensuring a balance between innovation and risk management.

Job Requirements, Competencies, and Skills  

• Bachelor’s degree required, preferred in areas of Finance, Accounting, Economics, or Marketing; MBA preferred.
• Minimum of 10 years of experience at a financial institution, with hands-on experience in product management, digital products, FinTech, eCommerce and/or digital sales preferably in Financial Services and/or Start-up.
• Proven ability to manage the executional aspects of product development and enhancement initiatives.
• Demonstrated thought leadership in the digital space.
• Knowledge of product design and development best practices with experience in managing agile, lean, cross-functional teams, often through influence.
• Possesses strong data analytics skills, specifically in relation to deposit product performance and customer behavior analysis.
• Experience in working and leading cross-functionally with stakeholders, including users, developers, business leaders and executives to generate buy-in for product direction.
• Successful track record in developing and implementing a digital product roadmap.
• Intellectual agility and a high degree of comfort with ambiguity. Innovative thinker with a history of challenging the status quo and devising creative solutions to solve problems.
• Sophisticated business sense and understanding of underlying drivers.
• Experience in working with fintech partnerships or digital banking platforms.
• Strong communication and written presentation skills with experience effectively communicating. with diverse audiences s, including senior leadership.
• Good knowledge of the banking digital products market, competitive landscape, and latest trends.
• Ability to independently manage multiple dependencies, secure commitments and drive escalations.

Environmental / Physical / Mental Requirements  

• Stable internet connection with speeds high enough for video conferencing and screen sharing.
• Smartphone with current iOS/Android OS.
• Prolonged periods sitting at a workstation and working on a computer.
• Ability to communicate with coworkers and customers via email, chat, teleconference, and/or phone.

Compliance/legal requirements  

• Quorum is an Equal Employment Opportunity and Affirmative Action Employer.  Qualified applicants will be considered for employment without regard to race, color, religion, gender, sexual orientation, national origin, age, marital status, protected veteran status, or disability status.   
• Quorum will make reasonable accommodations in compliance with the Americans with Disabilities Act of 1990. Reasonable accommodations are available upon request for qualified individuals with disabilities throughout the application and employment process. 
• Qualified Applicants with arrest or Conviction records will be considered for employment in accordance with the Los Angeles County Fair Chance Ordinance for Employers and the California Fair Chance Act.  

**PLEASE NOTE**

We are not able to consider candidates for this role who reside in Montana, Nebraska, Rhode Island, or Puerto Rico

Salary Range: $175,000 to $188,000 annually.  Individual salary will vary based on skills and experience.  Discretionary incentive compensation may be available based on company and individual performance.

Benefits: Medical, Vision, Dental, Retirement Benefits, and Paid Time Off (PTO)

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