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PenFed Credit Union - McLean, VA
posted about 2 months ago
About the position
The Vice President, Consumer Banking Product Strategy at PenFed Credit Union is a leadership role responsible for driving product design, marketing initiatives, and operating expense management for consumer banking products including autos, personal loans, and credit cards. This position involves managing the P&L for these products, collaborating with various stakeholders, and ensuring compliance with regulatory requirements while enhancing the digital experience for members.
Responsibilities
- Lead and manage P&L for the Autos, Personal Loans, and Credit Cards portfolios, ensuring revenue growth, profitability, and cost efficiency.
- Deliver and execute product strategies that maximize profitability while delivering value to members.
- Monitor key financial metrics including revenues, expenses, and net interest margins, and make strategic adjustments to achieve business targets.
- Develop long-term product strategies focusing on market differentiation, competitiveness, and member value.
- Identify opportunities for product enhancement, new product offerings, and digital experience to meet evolving consumer needs.
- Manage ongoing market research and competitive analysis to stay ahead of the industry trends and ensure products are competitive and relevant.
- Drive pricing strategies in alignment with market competitiveness, and product profitability.
- Collaborate with marketing team in developing and implementing targeted marketing campaigns for acquisition, engagement, and retention.
- Champion the optimization of both acquisition and servicing omni-channel experience.
- Leverage analytics and member feedback to continuously improve the digital experience and implement enhancements based on data-driven insights.
- Provide strategic direction to the product management team, fostering a collaborative and innovative culture that drives results.
- Serve as the liaison for product strategy discussions with senior leadership and stakeholders, presenting product performance updates, strategic initiatives, and growth opportunities.
- Ensure all products and strategies comply with relevant regulatory requirements and risk management policies.
- Monitor staff adherence to security policies and related training for individuals managed by this role.
Requirements
- Bachelor's degree in business, finance, marketing, or related fields.
- MBA or advanced degree preferred.
- 15+ years of experience in product strategy, product management, and P&L management, particularly in consumer lending.
- Proven experience in managing consumer products with strong financial acumen and focus on P&L accountability, with experience in credit cards preferred.
- Demonstrated experience in driving product growth through strategic pricing, marketing, and product development.
- Strong leadership, analytical, and communication skills, with ability to influence and lead cross-functional teams.
- Experience in managing digital transformation initiatives and improving customer experiences in digital channels.
Benefits
- 401(k) matching
- Dental insurance
- Health insurance
- Paid time off
- Vision insurance
