Bank Deposit Operations Lead
Bank Deposit Operations Lead
Job Locations: US-Remote
The Bank Deposit Operations Lead is responsible for development, leadership and day to day execution of deposit servicing operations for Nelnet Bank. Nelnet Bank is an online de novo industrial loan charter bank focused on education financing and regulated by the FDIC and Utah Department of Financial Institutions.
This role is a key first line of defense and customer-facing role, and is responsible for Deposit program oversight to ensure all key areas of program responsibility are effectively monitored and managed. This includes developing and monitoring effective policies, procedures, and processes for the Bank’s Deposits program and a deep working partnership with the Bank’s third-party deposits vendor.
The role is also responsible for effectively communicating deposit operations performance and customer satisfaction to Nelnet associates, management, regulators, and auditors, as well as communicating Bank product information to customers and partners. As part of the first line of defense, the Operations Lead is a key leader of the customer service team which ensures compliance with all applicable federal and state laws, contractual requirements, and the company’s policies and procedures. The Operations Lead reports to the Bank’s Chief Operations Officer, with frequent interaction with all members of the Bank leadership team. The Operations Lead serves as a conduit between business, product, and technology leaders across the organization to execute strategic direction of the Deposits program, and establish strategies for the program to meet start-up and ongoing organizational growth objectives.
- Work with COO and organizational leadership to deliver an effectively run, profitable risk mitigated program. Initial focus will be the configuration, testing and implementation of a core platform provider for deposit accounts as well as establishment of a full business process servicing solution. This endeavor will focus largely on online deposit acquisition with a vendor management focus for select services that are to be outsourced, and day to day management of services to be performed in house.
- Hire and train customer service staff, serving as principal liaison, and subject matter expert to both internal and potential third-party servicing agents, and establish and maintain controls and monitoring to ensure adherence to approved policies and procedures, best practices for risk mitigation, processing efficiency and customer satisfaction.
- Provide program oversight between business operations, and technology product management to deliver prioritized activities that support volume growth objectives.
- Maintain high level of program knowledge in online commercial and consumer deposits programs, performing competitive analysis and seeking to deliver high quality best practices and support executive management through new product offerings.
- Develop and maintain all policies, procedures, and risk management frameworks related to ensure the infrastructure for deposit operations, call center operations, back office support, and fraud management are sound and in compliance with all bank policies, risk appetites and banking regulations. Create and maintain management reports summarizing all deposit-related activities, including daily, weekly and monthly reports on key indicators for operational performance. In coordination with the Bank’s Compliance Management System, establish a program monitoring framework to ensure that compliant processes, sound risk mitigation practices and exceptional service are achieved.
- Ensure program compliance with applicable laws and regulations.
- Partner with Finance, Marketing, Technology, Risk Compliance and other business leaders as needed to support strategic direction, new product introductions, and volume potential.
- Must create and navigate cross functional teams to deliver expected results.
- Other initiatives, special projects, and duties as assigned.
- Bachelor’s degree preferably in business or related field
- Financial institutions, online deposit platforms, and service industry experience critical
- Deposit operations and back office understanding of Fiserv platform helpful
- Must possess ability to engage others and to work collaboratively with all departments across the organization.
- Project management experience preferred
- 5+ years of progressive management or supervisory experience
COMPETENCIES – SKILLS/KNOWLEDGE/ABILITIES:
- Excellent analytical, leadership and problem solving skills
- Organized, process oriented, and driven toward measurable results
- Demonstrated ability to effectively lead regulatory driven teams, motivate and coach others
- Extensive knowledge and understanding of laws and regulations relating to banking, retail deposit acquisition, and servicing, such as but not limited to; Reserve Requirements for Depository Banks; Truth in Savings Act; Reg E, D, DD, CC; Unclaimed Property; IRS notifications and reporting including Fair Market Value (FMV), Required Minimum Distribution (RMD), 5498, 1099, Name/TIN matching; and Unfair, Deceptive Acts or Practices (UDAP) and Unfair, Deceptive, Abusive Acts and Practices (UDAAP) standards, etc.
- In-depth experience with development of policies and procedures, risk frameworks, monitoring tools, and controls for financial institution online deposit programs
- Ability to take direction and then work independently on multiple issues concurrently, and to exercise independent judgment in establishing priorities
- Ability to succeed in a fast pace, heavy workload, entrepreneurial environment
- Ability to communicate complex concepts clearly
- Excellent oral, written, negotiation and presentation skills with executive level management
- Ability to adapt to highly diversified and changing environment, as well as the dynamics and challenges of a business start up
- Proficiency in Microsoft Office Suite of products
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