Director, Deposit Strategy

Description:

About Locus

Locus (formerly VCC Social Enterprises) partners with communities where the capital system is not working to ensure that everyone, no matter their background, location, or economic status, can live in healthy, thriving communities. A capital system that centers community input and impact is essential to making this a reality.

Locus is a nonprofit holding company regulated by the Federal Reserve. Locus is the parent organization for a family of social enterprises, which includes Locus Bank, Locus Impact Fund, Locus Capital and the Community Investment Guarantee Pool, or CIGP. Locus has generated over $2 billion dollars in total impact in local communities to create jobs, energize places, and promote an enhanced quality of life. With offices in Christiansburg and Richmond, Locus offers innovative and flexible financing tools and professional advisory services to individuals and organizations in low-to-moderate income and underserved communities. Locus Bank is an FDIC-insured, certified bank and B Corp offering products tailored to socially conscious investors, along with personal and business checking, savings, and certificate of deposit accounts. Locus Bank is a majority-owned subsidiary of Locus. Member FDIC. Equal Housing Lender. Learn more at www.locusimpact.org.

Ideal Candidate:

Locus seeks candidates deeply committed to the organization’s mission, vision, and core values. The ideal candidate will be passionate about creating equitable access to capital and innovative tools that tackle systemic challenges and advance promising opportunities.

This position is primarily responsible for driving forward deposit alliances, cultivating existing deposit relationships, and advancing business unit strategy and goals, including expansion, sales and operational strategy. Director of Deposit Strategy will be responsible for developing and executing strategic initiatives for Locus’ deposit portfolio that will drive growth, meet sustainability goals and deliver mission-driven partner experience. This position requires a high degree of sound judgement, leadership and the ability to collaborate with the investor relations, operations, and finance teams. Requirements:

Responsibilities:

• Lead product development efforts in response to changing market and economic conditions
• Collaborate with Locus’ IT and Operations teams to enhance assessment, onboarding, and monitoring processes and identify ways to leverage technology for the benefit of impact-driven investors
• Create an overarching infrastructure and operational strategy to drive authentic impact and scale across Locus’ deposit network.
• Design and continuously improve the end-to-end customer experience for targeted customer segments, leveraging human centered design, lean techniques, and digital tools.
• Establish key performance indicators for managing deposits effectiveness and compliance
• Drive prioritization, development, and customer launch of online self-service capabilities
• Lead discovery, prototyping, and testing of new deposit product offerings for new customer segments.
• Provide sophisticated analysis of complex business information and make comprehensive recommendations to management including executives and board members.
• Assist in leading the revenue and customer strategies along with marketing, operations, policy, and risk management to ensure a comprehensive model for customer services.

Product Economics:

• Partner with Investor Relations and Finance to develop a Deposits economic model to analyze and discover customer, channel, and product opportunities.
• Responsible for researching deposit market rate info and developing the rate recommendations for ALCO. Management of wholesale (brokered, Quickrate, ICS, etc.) and be responsible for managing these deposits within policy limits.
• Prepare and monitor Deposits operational budgets.
• Build strong, transparent, and collaborative relationships with business groups and their leaders across the enterprise, particularly as it relates to forecasting deposits growth and improvements to sales experience.

Management Responsibilities:

• Responsible for managing/supervising the Client Relationship Specialist Team ensuring well documented process and procedures, and driving the growth of cost effective core deposits
• Recruits, interviews, hires, and trains and manages staff through a hybrid remote working environment.
• As a member of the management team, ensure adherence to the organization’s Diversity, Equity, and Inclusion strategic plan.
• Provides constructive and timely performance evaluations.
• Oversees discipline and termination of employees in accordance with company policy.
• Participate in and lead culture-building efforts with direct reports and across the department.

Experience/Education/Certifications:

• 5-7 years' experience in banking customer service and deposit strategy development and operations leadership required
• Background/knowledge of regulated financial products, especially deposits and cash management. Understanding of financial product pricing and terminology.
• Marketing and product management design and implementation skills. Experience in leading development of a financial product from research and design/concept to final sales process – while working across the company with other departments on implementation.
• Experience in financial product sales utilizing technology and in-person selling techniques. Experience building sales tools as necessary and training across the company.
• Demonstrated experience understanding total funding cost, wholesale, and retail funding outlets, and build a strategy to grow and lower the price of deposits for the organization. Demonstrated ability to implement strategy and sales goals of financial products.
• Demonstrated ability to drive innovation across areas of responsibility, apply expert interpersonal, communication, and problem-solving skills.
• Physical/Sensory Demands: Fast-paced working environment, requiring quick decisions within areas of responsibility.

Computer/Technology:

• Excellent Word, Excel, and Windows file management skills mandatory.
• Strong technical experience with Salesforce or other CRM tools.
• Demonstrated web research skills.
• Familiarity with Outlook or similar network-based email and calendar software.
• Extensive computer usage and Microsoft Teams communication.
• Must be able to work independently in a stable remote environment.

Communication:

• Ability to communicate verbally across all levels of the organization in a clear, concise, and confident manner.
• Ability to write accurate, clear, and organized communications, incorporating a range of information and analysis. Ability to document workflow and procedures.

Mission/Vision/Organizational Values:

• Live and represent the values and mission of the organization – keeping diverse, equitable, and inclusive impact at the center of all efforts and execution.
• Strong analytical and interpersonal skills with a demonstrated ability to establish and maintain effective working relationship with others and successfully interact with people at all management and support levels, as well as people of diverse socio-economic backgrounds.
• Ability to organize and prioritize work activities to meet deadlines and ensure high quality work products.
• High level of adaptability and flexibility required.
• Ability to travel as required.
• Alignment with the organizational goals:
  • Sensitivity to racial, gender, sexual orientation and cultural differences and treat everyone with dignity and respect.
  • Effective, respectful, and timely communications with internal and external stakeholders
  • Analytic, thoughtful, and strategic thinking and thoroughly aware of organizational goals and strategic direction. Must have the ability to switch roles and procedures easily to facilitate change in line with organizational priorities.
  • Consider the mission, objectives, and goals of LOCUS and demonstrate an understanding of the impact of their decisions and behavior on the organization.
• Access to high-speed internet bandwidth and reasonable proximity to LOCUS or a major metropolitan airport.

Locus prefers applicants from East Coast states where business relationships have already been established, they include: Virginia, New York, Florida, New Jersey, West Virginia, Georgia, North Carolina, Massachusetts and Pennsylvania. Considerations may be given to candidates from other established states such as Nebraska, Colorado, Montana, Kansas, Tennessee, and Missouri.

Locus offers a competitive salary based on experience and skills, as well as an excellent benefits package including health, disability, life insurance, 401(k) savings plan with employer match, and paid time off.

The salary range for the Director of Deposit Strategy is $129,000 - $142,000

EEO Statement

Locus is an Equal Opportunity Employer. Locus does not discriminate in hiring or employment practices on the basis of race, color, religion, gender, age, sexual orientation, marital or family status, national origin, non-job-related disability, or status as a veteran.