Deposit Product Manager

About the position

The Deposit Product Manager is responsible for developing, managing, and overseeing the bank's retail and business deposit products by analyzing market trends, customer needs, and profitability to create and implement new deposit products. This role requires a customer-focused professional with a strategic mindset, analytical skills, and a comprehensive understanding of retail and business deposit products. They are responsible for optimizing pricing strategies and ensuring compliance with regulations, all aimed at maximizing customer acquisition and retention while maintaining the financial health of the bank. The Deposit Product Manager will collaborate across departments to ensure deposit offerings align with the bank's strategic goals, regulatory requirements, and market needs.

Responsibilities

• Oversee the entire lifecycle of deposit products, including ideation, development, pricing, promotion, and ongoing management.
• Identify opportunities for new deposit products or enhancements to existing offerings to meet customer needs and drive growth.
• Conduct market research to stay informed on industry trends, competitor products, and customer preferences.
• Develop and implement deposit product pricing strategies to achieve competitive positioning while meeting profitability goals.
• Monitor key performance metrics, such as deposit balances, interest expense, and account activity, to assess product performance.
• Conduct analysis on product profitability, making recommendations for adjustments as needed.
• Partner with marketing, retail banking, and digital teams to enhance the customer experience for deposit products.
• Gather and analyze customer feedback to identify pain points and improve product offerings.
• Ensure deposit products and services are accessible and easy to use, both in-branch and through digital channels.
• Ensure all deposit products comply with applicable regulations, including FDIC requirements, Truth in Savings Act, and other banking laws.
• Collaborate with compliance and legal teams to address regulatory changes that may impact deposit products.
• Work closely with marketing to develop promotional campaigns and materials for deposit products.
• Partner with retail banking teams to train staff on deposit product features, benefits, and sales strategies.
• Collaborate with IT and digital banking teams to implement and optimize online and mobile banking features related to deposit products.
• Contribute to the bank's strategic planning process by developing deposit product strategies that support overall growth and profitability goals.
• Prepare and present regular reports on deposit product performance to senior management.

Requirements

• Bachelor's degree in Business, Finance, Marketing, or a related field.
• 5+ years of experience in product management, banking, or a related field, with a focus on deposit products preferred.
• Strong understanding of deposit products, including regulatory requirements and market dynamics.
• Knowledgeable of the values and practices that align customer needs and satisfaction as primary considerations in all business decisions and able to leverage that information in creating customized customer solutions.
• Ability to assess and effectively manage all of the risks associated with business objectives and activities to ensure they adhere to and support Enterprise Risk Management.
• Analytical skills and experience working with financial data, including pricing and profitability analysis.
• Proficiency in Microsoft Office (Excel, PowerPoint, Word) and familiarity with banking systems and data analysis tools (Deposit 360 experience preferred).
• Excellent communication and interpersonal skills, with the ability to collaborate across departments.
• Proven ability to manage multiple projects and meet deadlines in a fast-paced environment.
• (MBA preferred.)

Benefits

• Competitive compensation and benefits package including paid holidays, paid time off, medical (including virtual care and work-life balance services), vision, and dental insurance.
• 401K with a generous match.
• Tuition reimbursement.
• Banking discounts.