VP, Deposit Products

About the role

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. The incumbent will oversee 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 VP, Deposit Products will work 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. 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.

Responsibilities

• Manage the P&L ensuring business strategies and goals are achieved with a focus on growing membership, product adoption, balances, and profitability.
• Coordinate 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.
• 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.
• 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.
• Ensure the Deposit team delivers support to all acquisition and engagement distribution channels 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.

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.

Skills

• 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.

Benefits

At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You'll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access.

Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities.

Pay

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.

Schedule

Ability to travel and be on call is required. 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.