Head of Banking as a Service

2 weeks ago

St Louis, Missouri, United States Midland States Bank Full time

Compensation Overview

At Midland States Bank, the base salary is just one aspect of our comprehensive Total Rewards program. The precise compensation is influenced by various factors including education, skills, internal equity, and experience. This role also provides additional financial incentives such as short-term bonuses and potential long-term rewards like stock options. Benefits include extensive healthcare coverage, wellness programs, paid family leave, and generous vacation time. Other perks consist of banking benefits, an Employee Stock Purchase Plan, a 401K plan with company matching, and the possibility to engage in our Non-Qualified Deferred Compensation plan. Eligibility criteria apply for incentives and benefits.

Role Overview

Reporting directly to the Chief Digital Officer (CDO), the Director of Banking as a Service (BaaS) will spearhead strategic initiatives in collaboration with Executive Management to develop and implement BaaS technologies, partnerships, vision, and product strategies. This pivotal role will act as the senior operational leader for the BaaS Operating team and Committee, driving innovation and establishing new methodologies, partnerships, and products to enhance our digital service offerings.

In this prominent position, you will serve as a key liaison among the Bank's business units, Fintech partners, and BaaS Operating Committees. You will oversee the portfolio of systems and applications utilized by our BaaS partners, ensuring effective usage and continuous improvement. The Product Owner will achieve these goals through project management, research, data analysis, report generation, system configuration, and documentation of functional requirements.

Key Responsibilities

  • Provide leadership and embody Midland States Bank's Core Vision and Values.
  • Collaborate with the CIO, CDO, and key business stakeholders to cultivate relationships with leading fintech companies.
  • Develop and nurture talent to build and lead a diverse, high-performing team aligned with current and future business objectives.
  • Oversee fintech due diligence and onboarding processes.
  • Assist vendor and fintech managers in conducting initial and ongoing due diligence and risk assessments.
  • Evaluate third-party and fintech engagements, conducting ongoing reviews to manage vendor risk, including risk assessments.
  • Manage systems associated with all BaaS platforms.
  • Monitor fintech usage of platforms to ensure compliance with bank policies and contractual obligations.
  • Coordinate sessions and content for the BaaS operating committee and Board meetings.
  • Maintain a well-defined pipeline of direct and indirect fintech opportunities.
  • Ensure that fintech products and solutions meet established contractual requirements.
  • Clearly articulate the BaaS vision and assist in defining future objectives.
  • Work with the CDO and BaaS Operating Committee to produce Executive and Board-level reporting on Risk, Compliance, Exceptions, and Key Performance Indicators.
  • Coordinate the needs and tasks of the BaaS Operating Committee members.
  • Set appropriate expectations regarding deliverables and timelines with fintech delivery teams and the BaaS Operating Committee.
  • Collaborate with senior management to define success metrics and translate these into fintech requirements.
  • Develop an 18+ month roadmap that aligns with the BaaS Operating Committee's vision and goals.
  • Conduct research to understand fintechs within the pipeline.
  • Manage large-scale projects utilizing formal project management methodologies.
  • Lead and facilitate meetings for requirements gathering and task assignments.
  • Keep stakeholders informed about progress and any potential risks or obstacles.
  • Assist with research and evaluations of new systems.
  • Support the writing and coordination of Requests for Proposals.
  • Map bank and fintech business processes effectively.
  • Assist in workflow design and process enhancements.
  • Lead others directly or indirectly.
  • Stay informed about legal, regulatory, market, industry, and environmental changes affecting the bank's third-party risk landscape.
  • Support Risk Management in identifying and reporting residual exposure.
  • This role may require occasional travel for training and team meetings.
  • Maintain compliance with all applicable regulations, including the Bank Secrecy Act (BSA).
  • Perform other duties as assigned.

Qualifications

Education and Experience:

  • Bachelor's degree in Computer Science, Marketing, Finance, or a related field is required; a Master's degree is preferred.
  • Over 10 years of experience in IT, Digital, or Fintech Solutions Development with a strong technical foundation.
  • Extensive background in project management methodologies, including cost, schedule, scope, issue, risk, and change management.
  • Proven experience in translating functional requirements into technical specifications.
  • Ability to prioritize tasks effectively and adapt to changing priorities.
  • Strong understanding of various software development lifecycle strategies.
  • Familiarity with Agile, Lean, and Scrum principles.
  • Experience leading meetings with 15+ participants to demonstrate technical features.
  • Creative thinker who encourages innovation in others.
  • Self-motivated with the ability to work independently.
  • Effective communicator capable of conveying technical details across different organizational levels.

Core Competencies:

  • Business Acumen
  • Fosters Innovation
  • Drives Results
  • Makes Informed Decisions
  • Brand Advocacy
  • Collaboration
  • Effective Communication
  • Customer Orientation
  • Authenticity
  • Emotional Intelligence
  • Commitment to Self-Development
  • Flexibility and Adaptability

At Midland States Bank, we believe that bringing our authentic selves to work fosters happiness, comfort, confidence, and excitement in serving our customers and each other. We are proud to be an Equal Opportunity and Affirmative Action employer, promoting diversity in our recruitment, employment, training, compensation, and advancement practices.

This job description does not constitute a contract for employment.

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